ADES board recommends 100% capital hike via bonus issue

ADES Holding's jack-up rig

ADES Holding Co. said its board of directors recommended on June 8 a 100% capital increase through a 1-for-1 bonus share issue by capitalizing SAR 1.13 billion from the company's share premium reserve, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 1.13 bln

Current No. of Shares

1.13 bln

New Capital

SAR 2.26 bln

New No. of Shares

2.26 bln

Nominal Value

SAR 1

Proposed Increase

100% (1 bonus share for every 1 owned)

Method

The capital increase will be financed through the capitalization of SAR 1.13 billion from the company's share premium reserve.

Eligibility

Shareholders registered with the Securities Depository Center Co. (Edaa) by the end of the second trading day after the extraordinary general meeting (EGM) to be determined later.

Reason

To support the company's long-term growth strategy by strengthening its capital base and shareholders' equity structure, reflecting the company's strong financial position, enhancing shareholder returns, and supporting its future growth and expansion plans.
 

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

 

The issuance of bonus shares is subject to obtaining the necessary approvals from the relevant regulatory authorities and the company’s shareholders, the statement added.

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