SAIC shareholders approve 20% capital increase via bonus issue

26/01/2023 Argaam
Logo ofSaudi Advanced Industries Co. (SAIC)

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co.’s (SAIC) shareholders approved, on Jan. 25, increasing the company’s capital by 20% by distributing one bonus share for every five shares held, according to a statement to Tadawul. 

 

Capital Increase Details

Current Capital

SAR 500 mln

Number of Shares

50 mln

Percentage of Increase

20% 

New Capital

SAR 600 mln

Number of Shares

60 mln

Reason

To strengthen the capital base in order to enhance its future growth plans

Method

Distribution of one bonus share for every five shares held through capitalization of SAR 100 mln of retained earnings 

Record Date

Jan. 25, 2023 (Shareholders registered with the Securities Depository Center Co. at the end of the second trading day following the EGM) 
 

In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limits for SAIC on Thursday, Jan. 26, will be based on a share price of SAR 25.65 and the outstanding orders will be canceled. 

 

Accordingly, SAIC’s bonus shares will be deposited into applicable investors’ portfolios on Monday, Jan. 30. 

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