AI Summary
A Bahri vessel
The Capital Market Authority (CMA) approved the National Shipping Company of Saudi Arabia’s (Bahri) request to increase its capital from SAR 7.38 billion to SAR 9.23 billion by granting one bonus share for every four shares held.
The planned capital hike will be funded by capitalizing SAR 1.84 billion from the company’s retained earnings account.
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Consequently, the number of the company's outstanding shares will rise from 922.85 million to 738.28 million.
The deciding extraordinary general meeting (EGM) shall be held within six months from this approval date and the company shall satisfy all regulatory requirements and applicable laws.
According to data available with Argaam, in March, Bahri’s board of directors recommended a 25% capital increase through a 1-for-4 bonus share issue.
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Capital Increase Highlights |
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Current Capital |
SAR 7.38 bln |
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Number of Shares |
738.28 mln |
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Percentage of Increase |
25% |
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New Capital |
SAR 9.23 bln |
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New Number of Shares |
922.85 mln |
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Method |
1-for-4 bonus issue |
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Capitalization |
Capitalizing SAR 1.84 bln from retained earnings |
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Record Date |
Shareholders of record and those registered with Edaa on the second trading day following the general assembly date |
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Reasons |
To enhance capital base, support future growth and expansion, and create long-term added value by tapping various opportunities |
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