AI Summary
Al Rasheed's board of directors proposed a 50% capital hike through a one-for-two bonus share distribution
Mohammed Hadi Al Rasheed and Partners Co.'s (Al Rasheed) board of directors proposed raising the company’s capital by 50% through a one-for-two bonus share distribution, during a meeting held on Sept. 28, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 120 mln |
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Current No. of Shares |
12 mln |
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Percentage of Increase |
50% (one-for-two bonus shares) |
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New Capital |
SAR 180 mln |
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New No. of Shares |
18 mln |
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Method |
Capitalizing SAR 60 mln from retained earnings |
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Reasons |
The capital increase is part of the company’s strategy, in line with its plans for expansion and growth. It aims to create higher long-term value by investing in various opportunities available to the company, and reaffirming its financial solvency and strong financial position. |
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Record Date |
Shareholders of record registered with Edaa by the end of the second trading day following the record date. |
Al Rasheed 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.
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