AI Summary
Logo of Saudi Networkers Services (SNS)
Saudi Networkers Services (SNS) received the shareholders’ go-ahead for its planned 25% capital increase, through a 1:4 bonus issue by capitalizing SAR 15 million from retained earnings.
The approval came during the extraordinary general meeting (EGM) held on March 8, the company said in a Tadawul statement.
|
Capital Increase Details |
|
|
Current Capital |
SAR 60 mln |
|
Number of Shares |
6 mln |
|
New Capital |
SAR 75 mln |
|
New Number of Shares |
7.5 mln |
|
Percentage of Increase |
25% |
|
Reason for Increase |
Support the company's strategic growth plan and expansion needs, as well as reaffirm its financial solvency and position |
|
Number of Distributed Shares |
One bonus share to each shareholder who owns four shares |
|
Method |
Capitalizing SAR 15 mln from retained earnings |
In the case of fractional shares, these will be collected into a single investment portfolio and sold at market price within 30 days from the date of allotment of new shares to each shareholder is determined.
Tadawul said in a statement that the fluctuation limits for the company’s share were calculated based on a price of SAR 59.20 for today, March 9, and that all outstanding orders were cancelled.
It also noted that the Securities Depository Center Co. (Edaa) will deposit the bonus shares into shareholders’ portfolios before the start of trading on March 11.
Be the first to comment
Comments Analysis: