Saudi Ceramic Co.’s board of directors has recommended a 20 percent capital increase from SAR 500 million to SAR 600 million, through the issue of one bonus share for every five shares held.
The capital hike will be financed through capitalizing SAR 100 million from retained earnings, the tile producer said in a bourse filing.
The bonus issue as well as the capital hike are subject to the approval of authorities and the company’s extraordinary general meeting.
|
Key Figures of Capital Hike (Bonus Issue) |
|
|
Current Capital |
SAR 500 mln |
|
Number of shares |
50 mln shares |
|
Capital increase percent (%) |
20% (1 for every 5 outstanding shares) |
|
New Capital |
SAR 600 mln |
|
New number of shares |
60 mln shares |
|
Record date |
The date of the company’s general meeting |
|
Reasons |
Supporting expansion plans and boosting solvency margin |
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