Sumou Real Estate Co. headquarters
Sumou Real Estate Co.’s board of directors, on March 21, recommended a 33.3% capital increase from SAR 375 million to SAR 500 million via a bonus share distribution by capitalizing SAR 125 million from the retained earnings, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 375 mln |
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Number of Shares |
37.5 mln |
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Percentage of Capital |
33.3% |
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Method |
One bonus share for every three existing shares via capitalizing SAR 125 mln from retained earnings |
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New Capital |
SAR 500 mln |
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Number of Shares |
50 mln |
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Reasons |
To support the capital base as well as the future activities, which will help achieve the targeted growth levels over the coming years |
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Record Date |
Shareholders of record on the general meeting day and those registered with Edaa on the second trading day following the general meeting date. |
Fractional shares will be compiled in one portfolio for shareholders and will be sold at the market price and then proceeds will be distributed to the eligible shareholders pro rata in 30 days.
The bonus share distribution is subject to the approval of the competent authorities and the extraordinary general meeting (EGM).
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