2P to vote on 10% capital hike for ESIP on Nov. 4

2P shareholders to vote on raising capital from SAR 300 mln to SAR 330 mln

Shareholders of Perfect Presentation Co. for Commercial Services (2P) will vote on increasing the company’s capital by 10% from SAR 300 million to SAR 330 million, during the extraordinary general meeting (EGM) scheduled for Nov. 4.

 

The capital increase will be funded through the transfer of a portion of the retained earnings balance to the company’s capital account, with the purpose of allocating shares to the employee stock incentive program (ESIP).

 

 Capital Hike Details

Current Capital

SAR 300 mln

Number of Shares

300 mln

Nominal Value

SAR 1

Percentage of Increase

10%

Method

Capitalizing SAR 30 mln from retained earnings through the issuance of 30 mln shares

New Capital

SAR 330 mln

New Number of Shares

330 mln

Reasons

To allocate shares for the company’s ESIP
 

According to the company’s statement to Tadawul, the agenda includes voting on the establishment of an ESIP and authorizing the board of directors to determine the program’s terms and details.

 

The company noted that the number of shares held by shareholders will remain unchanged after the capital increase, however, their ownership percentage in the company will decline by 9.09% due to the issuance of the new shares.

 

According to data compiled by Argaam, 2P recommended in August to raise its capital from SAR 300 million to SAR 330 million through the issuance of 30 million new shares to establish the ESIP.

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