Advanced shareholders to vote on 20.1% capital increase via bonus issue on March 20

Shareholders of Advanced Petrochemical Co. will vote on increasing the company's capital through a 20.11% bonus issue to SAR 2.60 billion, during an extraordinary general meeting (EGM) scheduled for March 20, the company said in a statement to Tadawul.

The capital will be increased by issuing one bonus share for every five shares held.

The shareholders will also vote on discontinuing setting aside 10% of net profit to the consensual reserve.

They will also vote on on the company's stock repurchase, at a maximum of 1.5 million shares, to allocate them for the employee incentive shares program. The stock buyback will be financed through the company’s own resources.