Tasheel shareholders OK 200% capital hike

Logo of United International Holding Co. (Tasheel) 

United International Holding Co. (Tasheel) said its shareholders approved raising capital from SAR 250 million to SAR 750 million, through distributing 47 bonus shares for every 25 shares held.

Three million shares will be allocated for a long-term employee incentive plan.

Any fractional shares will be consolidated into a single portfolio for all shareholders and sold at market price, with the proceeds distributed to eligible shareholders pro rata within a period not exceeding 30 days from the date of entitlement.

It added that the general assembly approved the establishment of a long-term employee incentive program, and authorized the board to manage the program, set its terms and the allocation price per share to employees, if applicable, as well as making amendments in the future if required.

Tadawul announced that the stock’s fluctuation limits for May 11, were calculated based on a share price of SAR 43.74, and that all outstanding orders were cancelled.

The Securities Depository Center (Edaa) will add the bonus shares to shareholders’ portfolios before the start of trading on Wednesday, May 13.