Tadweeer board recommends 100% capital hike via bonus issue

Logo of National Environmental Recycling Co. (Tadweeer)

National Environmental Recycling Co.’s (Tadweeer) board of directors recommended today, Aug. 29, a 100% capital hike via a 1-for-1 bonus issue by capitalizing SAR 58.08 million from retained earnings, as shown below:

 

Capital Increase Details

Current Capital

SAR 58.08 mln

Number of Shares

58.08 mln

Percentage Increase

100%

Method

1-for-1 bonus issue by capitalizing SAR 58.08 mln from retained earnings

New Capital

SAR 116.16 mln

New Number of Shares

116.16 mln

Reason

Strengthening the company’s capital base to support its future strategies and expansion plans

Record Date

Shareholders of record and registered with the Securities Depository Center Co. (Edaa) on the second trading day after the record date
 

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In a statement to Tadawul, the company said fractional shares, if any, will be compiled into one portfolio, to be offered for sale at market price. The proceeds will be distributed among eligible shareholders pro rata within 30 days maximum.

 

The move is still subject to obtaining the relevant approvals from official authorities and the extraordinary general meeting (EGM).

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