AI Summary
A 2P pavillion at an exhibition
Perfect Presentation for Commercial Services Co.’s (2P) board of directors recommended a 10% capital increase from SAR 300 million to SAR 330 million, to be funded by capitalizing part of retained earnings.
The capital top-up proceeds will be allocated to the company’s employee stock incentive program.
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Capital Hike Details |
|
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Current Capital |
SAR 300 mln |
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No. of Shares |
300 mln |
|
Par Value |
SAR 1 per share |
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Percentage of Increase |
10% |
|
Method |
Capitalizing SAR 30 mln from retained earnings, by issuing 30 mln shares |
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New Capital |
SAR 330 mln |
|
New Number of Shares |
330 mln |
|
Reason |
To be allocated to the employee stock incentive program |
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Under the planned capital hike, 2P will issue as many as 30 million shares, to be earmarked for the company’s employee share program that is yet to be established.
The employee stock incentive program should strengthen the employees’ loyalty, while also helping attract talent and achieving solid growth rates in accordance with the company's growth plan.
The proposed capital hike and new shares issuance remain conditional on obtaining the necessary approvals from the regulatory authorities and the extraordinary general assembly, 2P noted.
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