AI Summary
Naseej for Technology Co. to implement 54.5% capital increase and allocate some of the new shares as treasury shares for ESIP
Naseej for Technology Co.’s board of directors recommended, on Nov. 4, a 54.5% capital increase from SAR 50 million to SAR 77.25 million via a bonus share distribution. The company will allocate 225,000 new shares as treasury shares for the employee incentive stock plan (ESIP) under the long-term incentive plan, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 50 mln |
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Number of Shares |
5 mln shares |
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Percentage of Increase |
54.50% (one-for-two shares) |
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New Capital |
SAR 77.25 mln |
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New Number of Shares |
7.73 mln |
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Method |
One share will be granted for every two shares held. A total of 225,000 shares will be allocated as part of the new shares resulting from the capital increase to be held as treasury shares for the ESIP under the long-term incentive plan |
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Nature and Value of Reserve |
Capitalizing SAR 27.25 million from retained earnings. |
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Record date |
Shareholders owning the shares on record date in the register of shareholders at Edaa by the end of second trading day after record date. |
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Reason |
To support the company's growth of its strategy, strengthen the capital base and strengthen its financial position to implement its future plans and activities thereby enabling the company to expand and maximize shareholder returns
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In the event that there are stock fractions, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the eligible shareholders, on a pro rata basis, within a period not exceeding 30 days from the date of determining the shares due to each shareholder, according to the company's statement.
The proposed distribution remains subject to obtaining the approval of the competent regulatory authorities and the company's extraordinary general assembly (EGM).
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