Shaker EGM OKs 22% capital hike via bonus issue, employee stock plan

Shareholders of Al Hassan Ghazi Ibrahim Shaker Co. authorize the board to manage employee stock plan

Al Hassan Ghazi Ibrahim Shaker Co.’s (Shaker) shareholders approved a board proposal for a 22% capital hike from SAR 555 million to SAR 677.1 million during the extraordinary general meeting (EGM) held on Jan. 8, according to a statement to Tadawul. 

Fractional shares, if any, will be compiled into a single portfolio for all shareholders and will be sold at market price. Their value will be distributed to eligible shareholders pro rata within a period not exceeding 30 days.

Meanwhile, shareholders approved the employee stock program (long-term incentive plan) and authorized the board of directors to administer it. The board has the right to delegate that authority and to amend the program whenever necessary.

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits today, Jan.11, for Shaker will be based on a share price of SAR 17.84 and all the outstanding orders will be canceled.

Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into investors’ portfolios by Tuesday, Jan. 13.