AI Summary
Logo of National Building and Marketing Co. (NBM)
National Building and Marketing Co. (NBM) board of directors recommended a 150% capital increase by issuing 1.5 bonus share for every share held.
|
Capital Increase Highlights |
|
|
Current Capital |
SAR 120 mln |
|
Number of Shares |
12 mln |
|
Percentage of Increase |
150% |
|
New Capital |
SAR 300 mln |
|
Number of Shares |
30 mln |
|
Method |
1.5 share for every share held |
|
Financing |
The capital increase will be financed through capitalizing SAR 180 mln from retained earnings as of Dec. 31, 2024 |
|
Record Date |
Shareholders of record and those registered with Edaa on the second day following the record date |
|
Reason |
Increase the company's competitiveness, finance new projects, expand current and future business, and improve financial position. |
In a statement to Tadawul, the company said that fractional shares, if any, will be compiled in one portfolio and will be sold at market price. The proceeds will be distributed pro rata among eligible shareholders within 30 days.
For more news on listed companies
The capital increase process is conditional on obtaining regulatory approvals, including the shareholders’ approval.
In a separate statement, the company said that the board of directors recommended withholding dividends for the year ended Dec. 31, 2024.
The proposal aimed at the completion of building and financing the company’s existing and future projects according to its strategy, supporting cash liquidity and its financial position.
The proposal will be presented before the upcoming shareholders meeting for approval, which will be scheduled later after obtaining necessary approvals.
Be the first to comment
Comments Analysis: