Future Vision board proposes 100% capital hike via bonus issue

Future Vision’s board recommends 100% capital top-up through a bonus issue

Future Vision for Health Training Co.’s board of directors, on Aug. 25, recommended increasing the company’s capital by 100% from SAR 10 million to SAR 20 million, according to a statement to Tadawul. 

 

The capital top-up will be through the issuance of one bonus share for every existing share and by capitalizing SAR 10 million from the offering proceeds and retained earnings.

 

Capital Increase details

Current Capital

SAR 10 mln

Number of Shares

10 mln

New Capital

SAR 20 mln

Number of Shares

20 mln

Percentage of Increase

100% (1 bonus share for every outstanding share)

Reason

To boost financial position, enhance competitiveness, support expansion plans and open new branches

Method

By capitalizing SAR 9 million from offering proceeds and SAR 1 million from retained earnings.

Record Date

Shareholders of record who are registered with Edaa on the second trading day following the record date
 

Fractional shares, if any, will be compiled in one portfolio to be offered at the market price, and the proceeds will be distributed among eligible shareholders pro rata within 30 days.

 

The bonus issue will be subject to the approvals of the competent authorities, as well as the extraordinary general meeting (EGM), the statement said.

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