AI Summary
Logo of Perfect Presentation for Commercial Services Co. (2P)
Shareholders of Perfect Presentation Co. for Commercial Services (2P) approved increasing the company’s capital by 10% from SAR 300 million to SAR 330 million, during the extraordinary general meeting (EGM) held on Nov. 4.
The capital increase will be funded through the transfer of a portion of the retained earnings balance to the company’s capital account, with the purpose of allocating shares to the employee stock incentive program (ESIP).
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Capital Hike Details |
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Current Capital |
SAR 300 mln |
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Current No. of Shares |
300 mln |
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Nominal Value |
SAR 1 |
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Percentage of Increase |
10% |
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Method |
Capitalizing SAR 30 mln from retained earnings through the issuance of 30 mln shares |
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New Capital |
SAR 330 mln |
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New No. of Shares |
330 mln |
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Reasons |
To allocate shares for the company’s ESIP |
According to a statement to Tadawul, the company said that the number of shareholders’ shares will not be affected by the capital increase, but shareholders’ ownership percentage will decrease by 9.09% due to the issuance of new shares.
Shareholders also approved the establishment of an employee stock program and authorized the board of directors to determine its terms and details.
Meanwhile, the Saudi Exchange (Tadawul) announced that the fluctuation limits for the company’s shares were calculated based on a price of SAR 9 for today, Nov. 5, and all existing orders have been cancelled.
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