AI Summary
Logo of Al Rashid Industrial Co.
Al Rashid Industrial Co. said its board recommended on Dec. 22 a 50% increase in the company’s capital, from SAR 80 million to SAR 120 million, by granting one share for every two shares held.
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Capital Increase Details |
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Current Capital |
SAR 80 million |
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Current No. of Shares |
8 million shares |
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Increase Percentage |
50% (one bonus share for every two shares held) |
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Method |
Capitalization of SAR 40 million from retained earnings |
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New Capital |
SAR 120 million |
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New No. of Shares |
12 million shares |
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Reasons |
Supporting the company’s growth and business expansion and strengthening its financial position |
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Record Date |
Shareholders recorded in the company’s register with the Securities Depository Center (Edaa) by the close of the second trading day after the General Assembly, and who held shares at the end of trading on the assembly date. |
In a statement to Tadawul, the company said any fractional shares 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 company noted that the capital increase is subject to obtaining approvals from the relevant regulatory authorities, as well as the approval of the extraordinary general meeting (EGM).
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