Logo of Electrical Industries Co.
Electrical Industries Co.'s shareholders approved a board recommendation to raise capital by 25% through a one-for-four bonus share distribution, during the extraordinary general assembly meeting (EGM) held on June 8.
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Capital Increase Details |
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Current Capital |
SAR 450 mln |
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Number of Shares |
45 mln |
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Percentage of Increase |
25% |
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Method |
Distribution of one share for every four shares held by capitalizing SAR 112.5 million from retained earnings |
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New Capital |
SAR 562.50 mln |
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Number of Shares |
56.25 mln |
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Reason |
Supporting and strengthening the financial position to drive business growth strategy |
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Record Date |
June 21, 2023 (Shareholders of record by the close of trading on the EGM date and those who are registered with Edaa by the end of the second trading day following the EGM date) |
Fractional shares, if any, will be collected in a single portfolio to be sold at market price. The value will be distributed to eligible shareholders pro rata within 30 days from the allocation date, the company said in a statement on Tadawul.
In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits today, June 22, for Electrical Industries will be based on a share price of SAR 35.85 and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into investors’ portfolios before the start of trading on Monday, July 3.
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