Logo of Aldrees Petroleum and Transport Services Co.
The Capital Market Authority (CMA) approved the application from Aldrees Petroleum and Transport Services Co. to increase its capital from SAR 750 million to SAR 1 billion through a bonus share distribution, the market regulator said in a statement today, March 5.
Accordingly, one bonus share will be issued for every three shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by the company's board.
The capital top-up will be funded by transferring SAR 250 million from retained earnings. Thus, the number of the company's shares will increase by 25 million to 100 million.
The CMA added that the company's extraordinary general assembly meeting (EGM) should be held within six months from this approval date, provided that Aldrees shall satisfy all regulatory requirements and applicable laws.
The company's board of directors recommended on Jan. 25, a 33.33% capital increase, through distributing one bonus share for every three shares held, according to Argaam's data.
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Capital Increase Details |
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Current Capital |
SAR 750 mln |
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Current Number of Shares |
75 mln |
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Percentage Increase (%) |
33.33% (1-for-3 bonus share distribution) |
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New Capital |
SAR 1 bln |
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New Number of Shares |
100 mln |
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Eligibility |
Those of record by the end of the general meeting date which will be determined later, and those registered with Edaa at the end of the second trading day following the general meeting date |
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Reason |
To align the company's capital with its business size and future aspirations |
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Method |
Capitalization from retained earnings |
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