Sure shareholders OK 50% bonus issue to raise capital

14/11/2023 Argaam

Sure shareholders OK 50% bonus issue to raise capital

Logo of Sure Global Tech Co.

Shareholders of Sure Global Tech Co. approved increasing capital by 50% through a 1-for-2 bonus share distribution, during the extraordinary general meeting (EGM) held on Nov. 13.

 

Capital Increase Highlights

Current Capital

SAR 51.30 mln

No. of Shares

5.13 mln

Percentage of Increase

50% (One bonus share for every two existing shares)

Method

Bonus issue

New Capital

SAR 76.95 mln

No. of Shares

7.69 mln

Reasons

To support strategic growth and financial position

Method

Capitalizing SAR 25.65 mln from retained earnings

Record Date

Nov. 13, 2023 (Shareholders of record and shareholders registered with Edaa by the close of the second trading day following the EGM)
 

In a separate statement, the Saudi Exchange (Tadawul) set the daily trading fluctuation limit for the stock based on a share price of SAR 48.25 for today, Nov. 14. Accordingly, the outstanding orders will be canceled.

 

The Securities Depository Center Co. (Edaa) will deposit the bonus shares into investor portfolios by Nov. 16.

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