ASG board proposes 100% capital hike via bonus issue

Logo of ASG Plastic Factory Co.

ASG Plastic Factory Co. said its board of directors recommended on March 31 a 100% capital increase, through a one-for-one bonus share distribution.


The capital hike will be financed through the capitalization of nearly SAR 23.90 million from issue premium and SAR 46.60 million from retained earnings.

 

Capital Increase Details

Current Capital

SAR 70.50 mln

Current Number of Shares

7.05 mln

Proposed Increase

100% (one share for every one owned)

Method

Capitalization of SAR 70.50 mln, SAR 23.90 million from issue premium and SAR 46.60 million from retained earnings

New Capital

SAR 141 mln

New Number of Shares

14.1 mln

Reason

To support the company’s expansion plans and strengthen its financial position in line with its future aspirations, contributing to sustainable growth and maximizing shareholders' equity

Record Date

Shareholders of record on the extraordinary general meeting (EGM) date and those registered with Edaa at the end of the second trading day after the EGM date that will be set later
 

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.

 

The bonus share distribution and capital increase are subject to obtaining the necessary approvals from the relevant regulatory authorities and the EGM, the statement added.

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