Aldrees Petroleum and Transport Services Co. has invited its shareholders to attend an extraordinary general assembly meeting on March 12, 2017 to vote on the proposed capital hike.
Aldrees plans to increase its capital from SAR 400 million to SAR 500 million by issuing one bonus share for every four existing shares owned by registered shareholders.
The company will pay for the capital raise by transferring SAR 100 million from retained earnings to capital, it said. The number of shares will be increased from 40 million to 50 million, Argaam earlier reported.
Last month, the company obtained the Capital Market Authority’s (CMA) approval on the capital hike.
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