Al Ashghal Al Moysra EGM to vote on 100% capital hike via bonus shares on Sept. 24

Logo of Al Ashghal Al Moysra Co.

Shareholders of Al Ashghal Al Moysra Co. will vote on the board’s proposal for raising the company’s capital by 100% through a one-for-one bonus share distribution during the extraordinary general meeting (EGM) scheduled for Sept. 24.

The hike will be funded by capitalizing SAR 24 million from the retained earnings balance, the company said in a statement to Tadawul.

The company said any fractional shares will be compiled into a single portfolio for all shareholders and sold at market price.

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The proceeds will be distributed to eligible shareholders pro rata within a period not exceeding 30 days from determining the new shares eligible for each shareholder.

Shareholders will also discuss transferring the statutory reserve balance of SAR 15,000 as of Dec. 31, 2024, to the retained earnings account.

Other agenda items include voting on amending Article 4 of the company’s bylaws related to the corporate objectives.

Moreover, shareholders will vote on the transactions and contracts that the company will conclude, in which the Chairman, Deputy Chairman and a board member have direct interests.

The one-year contracts (commercial transactions – to supply the company with manpower as needed) were approved during the ordinary general meeting held on June 25, 2024, and were valued at SAR 1.06 million. The amount paid during 2024 totaled SAR 873,200, while the balance at the end of the period stood at SAR 414,500.

These transactions were conducted in the ordinary course of business, in line with prevailing commercial terms, and without any preferential conditions.