Tadweeer votes June 26 to extend treasury shares retention period by 4 years

Tadweeer’s proposed capital hike is set to boost its capital base, hence supporting its future plans, strategies, and expansions

National Environmental Recycling Co.’s (Tadweeer) board of directors recommended increasing capital by 100% via a 1:1 bonus issue, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 116.16 mln​

Number of Shares

116.16 mln

Percentage Increase

100% (1:1 bonus issue)

New Capital

SAR 232.32 mln​

New Number of Shares

232.32 mln

Method

Capitalizing SAR 67.84 mln from the share premium balance, SAR 47.74 mln from the retained earnings balance, and SAR 577,850 from the statutory reserve balance

Reason

To strengthen Tadweeer capital base, which will support future plans, strategies, and expansions

Record Date

To shareholders registered with Edaa at the end of the second working day after the record date
 

Fractional shares, if any, will be collected in one portfolio for all shareholders and sold at the market price, before being distributed among the eligible shareholders, on a pro rata basis, within a period not exceeding 30 days from the date of determining the shares due to each one.

 

For more news on listed companies

 

The planned capital increase is subject to the approval of the competent authorities as well as the company's extraordinary general assembly.

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