AI Summary
Logo of Asas Makeen Real Estate Development and Investment Co.
Asas Makeen Real Estate Development and Investment Co.’s board recommended a 200% capital hike from SAR 100 million to SAR 300 million through a bonus share distribution.
|
Capital Increase Highlights |
|
|
Current Capital |
SAR 100 mln |
|
Current No. of Shares |
10 mln |
|
New Capital |
SAR 300 mln |
|
New No. of Shares |
30 mln |
|
Percentage of Increase |
200% (2-for-1 bonus share distribution) |
|
Reason |
Supporting the growth strategy as well as strengthening the capital base and the company's financial position to implement its future plans and activities, thereby enabling the company to expand and maximize returns on shareholders' equity. |
|
Funding |
Capitalizing SAR 200 mln from retained earnings. |
|
Record Date |
Shareholders registered with Edaa on the second trading day following the record date |
In a statement to Tadawul, the company said that any fractional shares will be compiled into a single portfolio for all shareholders and sold at market price. The proceeds will be distributed to eligible shareholders on a pro rata basis within 30 days of determining the new shares allocated to each shareholder.
Asas Makeen added that the capital hike is subject to obtaining approvals from the relevant authorities as well as the endorsement of the extraordinary general meeting (EGM).
Be the first to comment
Comments Analysis: