Balsm Alofoq board proposes 100% capital hike via bonus issue

Logo of Balsm Alofoq Medical Co.

Balsm Alofoq Medical Co. said its board of directors recommended on Oct. 21 a 100% capital increase from SAR 12.5 million to SAR 25 million through a bonus share distribution.

 

Capital Increase Highlights

Current Capital

SAR 12.50 mln​

Number of Shares

1.25 mln

New Capital

SAR 25 mln​

New Number of Shares

2.50 mln

Percentage of Increase

100% (1-for-1)

Reason

Strengthen the company's strategic growth plan and future expansion needs well as reaffirm its financial solvency and financial position.

Method

Capitalizing SAR 10.15 mln from issue premium balance and SAR 2.35 mln from retain earnings.

Record Date

Shareholders of record registered with Edaa by the end of second trading day after the record date.

 

Fractional shares, if any, will be collected in a single portfolio to be sold at market price. The proceeds will then be distributed among eligible shareholders pro rata within 30 days maximum from the date of determining each shareholder’s eligible shares.

 

The bonus issue is pending the approval of the competent authorities and the extraordinary general meeting.

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