ASG shareholders OK 100% capital hike through bonus issue

Logo of ASG Plastic Factory Co.

Shareholders of ASG Plastic Factory Co. approved the board's recommendation to increase the company’s capital through a one-for-one bonus share distribution.

 

The approval came during the extraordinary general meeting (EGM) held on Aug. 9, according to a Tadawul statement.

 

The capital increase will be financed through capitalizing approximately SAR 23.90 million from share premium and SAR 46.60 million from retained earnings.

 

Capital Increase Details

Pre-Increase Capital

SAR 70.50 mln

No. of Shares

7.05 mln

Capital Increase Percentage

100% (one bonus share for every existing share)

Post-Increase Capital

SAR 141 mln

No. of Shares

14.1 mln

Method

Capitalizing SAR 23.90 mln from share premium and SAR 46.60 mln from retained earnings

Reason

Supporting the company’s growth and business expansion and strengthening its financial position

 

Shareholders also approved amendment to Article 7 of the company’s bylaws relating to capital, as well as amendment to Article 8 of the company’s bylaws relating to share subscription.

 

The Saudi Exchange announced that the daily price fluctuation limit for the company’s share will be calculated based on a price of SAR 26.42 for today, Aug. 10, and that all outstanding orders will be canceled.

 

The Securities Depository Center Co. (Edaa) will add the bonus shares to shareholders’ portfolios before the start of trading on Aug. 12.

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