AI Summary
Marble Design Co.’s board of directors proposed a 25% capital hike through a one-for-four bonus share distribution
Marble Design Co.’s board of directors proposed raising the company’s capital by 25% through a one-for-four bonus share distribution, during a meeting held on Sept. 28.
The company will capitalize SAR 15 million from the retained earnings balance to fund the increase, according to a statement to Tadawul.
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Capital Increase Highlights |
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Current Capital |
SAR 60 mln |
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Current No. of Shares |
60 mln |
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Percentage of Increase |
25% |
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New Capital |
SAR 75 mln |
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New No. of Shares |
75 mln |
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Method |
1-for-4 bonus share distribution |
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Funding |
Capitalizing SAR 15 mln from retained earnings |
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Reasons |
To support strategic growth plans, future expansion needs, and reaffirm strong financial position and solvency |
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Record Date |
Shareholders registered with Edaa by the end of the second trading day following the record date |
Marble Design said any fractional shares, if any, will be aggregated into a single portfolio for all shareholders and sold at market price. The proceeds will be distributed to eligible shareholders on a pro rata basis within 30 days from determining the entitlement to the new shares.
The bonus share issuance is conditional upon obtaining the necessary approvals from relevant regulatory authorities and the extraordinary general assembly regarding the capital increase and the number of granted shares.
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