Purity recommends 33% capital hike via bonus shares

08:32 AM (Mecca time) Argaam- Nomu
Logo ofPurity for Information Technology Co.

Logo of Purity for Information Technology Co.

Purity for Information Technology Co.’s board on Nov. 3 recommended a 33.3% capital increase via a bonus share distribution, according to a statement to Tadawul.

 

Details of Capital Increase

Current Capital

SAR 15 mln

No. of Shares

15 mln

Percentage

33.33% (one bonus share for each three existing shares)

New Capital

SAR 20 mln

New No.of Shares

20 mln

Method

Bonus share distribution

Nature and Value of Reserves:

Capitalizing SAR 5 million from retained earnings.

Record Date

Shareholders of record and those registered with Edaa by the end of the second trading day following the record date.

Reasons

Supporting strategic growth plan, meeting future expansion needs, and reaffirming the company's solid financial position.
 

Fractional shares, if any, will be compiled in one portfolio and offered at market price. The proceeds will be distributed to eligible shareholders pro rata within a period not exceeding 30 days.

 

The capital increase and the bonus issue are subject to the approval of the relevant authorities and company shareholders, Purity said.

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