Al Arabia shareholders approve 10% capital hike via bonus issue

Logo of Arabian Contracting Services Co. (Al Arabia) 

Arabian Contracting Services Co.’s (Al Arabia) shareholders approved the board’s recommendation to increase capital by 10% via a bonus issue. Al Arabia will capitalize SAR 50 million from the retained earnings and issue one bonus share for every 10 existing shares.

 

The decision came during the extraordinary general meeting (EGM) held on Dec. 23, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 500 mln

Number of Shares

50 mln shares

Percentage of Increase

10% (1 share for every 10 shares)

New Capital

SAR 550 mln

Number of Shares

55 mln

Method

Capitalizing SAR 50 million from retained earnings

Reason

To ensure compatibility with the company’s business portfolio and asset base. To boost growth and expansions.  

Record Date

Dec. 23, 2024, to shareholders of record and those registered with Edaa on the second trading day following the general meeting.
 

Shareholders further approved the election of Mohammed Al-Ghaith as a board member.

 

Meanwhile, Tadawul announced that fluctuation limits will be calculated based on a share price of SAR 144 for today, Dec. 24. All outstanding orders will be canceled.

 

Additionally, the Securities Depository Center Co. (Edaa) will deposit the bonus shares in portfolios before the start of trading on Dec. 26.

 

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