2P recommends 100% capital hike via bonus issue

2P booth at an exhibition

Perfect Presentation for Commercial Services Co.’s (2P) board of directors recommended on March 30 a 100% capital increase through distributing bonus shares.

 

The capital increase will be funded by capitalizing SAR 150 million from retained earnings, with each shareholder receiving a bonus share for every share, according to a statement to Tadawul.

 

Capital Hike Details

Current Capital

SAR 150 mln

Current Number of Shares

150 mln

Percentage of Increase

100%

Method

1-for-1 bonus share distribution, via capitalizing SAR 150 million from the retained earnings

New Capital

SAR 300 mln

New Number of Shares

300 mln

Reason

To boost the company's capital base to enhance future growth plans.

Record Date

For shareholders registered at the end of the trading day of the EGM date, which will be set later, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the record date.
 

The offering is conditional upon obtaining approval from the official authorities and the EGM for the capital hike and the number of shares granted, the statement added.

 

Any fractional shares will be combined into a single portfolio for all shareholders and sold at market price.

 

The proceeds will then be distributed to eligible shareholders, each according to their respective ownership, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.

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