Marble Design board proposes 25% capital hike via bonus shares

Marble Design Co.’s board of directors proposed a 25% capital hike through a one-for-four bonus share distribution

Marble Design Co.’s board of directors proposed raising the company’s capital by 25% through a one-for-four bonus share distribution, during a meeting held on Sept. 28.

The company will capitalize SAR 15 million from the retained earnings balance to fund the increase, according to a statement to Tadawul. 

Marble Design said any fractional shares, if any, will be aggregated into a single portfolio for all shareholders and sold at market price. The proceeds will be distributed to eligible shareholders on a pro rata basis within 30 days from determining the entitlement to the new shares.

The bonus share issuance is conditional upon obtaining the necessary approvals from relevant regulatory authorities and the extraordinary general assembly regarding the capital increase and the number of granted shares.