Asas Makeen recommends 200% capital hike via bonus shares

Logo of Asas Makeen Real Estate Development and Investment Co.

Asas Makeen Real Estate Development and Investment Co.’s board recommended a 200% capital hike from SAR 100 million to SAR 300 million through a bonus share distribution.

 

Capital Increase Highlights

Current Capital

SAR 100 mln

Current No. of Shares

10 mln

New Capital

SAR 300 mln

New No. of Shares

30 mln

Percentage of Increase

200% (2-for-1 bonus share distribution)

Reason

Supporting the growth strategy as well as strengthening the capital base and the company's financial position to implement its future plans and activities, thereby enabling the company to expand and maximize returns on shareholders' equity.

Funding

Capitalizing SAR 200 mln from retained earnings.

Record Date

Shareholders registered with Edaa on the second trading day following the record date

 

In a statement to Tadawul, the company said that any fractional shares will be compiled 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 of determining the new shares allocated to each shareholder.

 

Asas Makeen added that the capital hike is subject to obtaining approvals from the relevant authorities as well as the endorsement of the extraordinary general meeting (EGM).

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