AI Summary
Al Mawarid plans to increase capital by a 1:3 bonus share distribution
Al Mawarid Manpower Co.’s board of directors recommended, on Nov. 5, a 33.33% capital increase from SAR 150 million to SAR 200 million via a 1:3 bonus share distribution, according to a statement to Tadawul.
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Details of Capital Increase |
|
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Current Capital |
SAR 150 mln |
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Current No. of Shares |
15 mln |
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Percentage of Increase |
33.33% (one bonus share for each three existing shares) |
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Method |
Capitalizing SAR 50 mln from retained earnings |
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New Capital |
SAR 200 mln |
|
New No. of Shares |
20 mln |
|
Reasons |
Supporting strategic growth plan, and reaffirming the company’s financial position |
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Record Date |
Shareholders of record and those registered with Edaa by the end of the second trading day following the general assembly |
Fractional shares, if any, will be compiled in one portfolio and offered at market price. The proceeds will be distributed to eligible shareholders pro rata within a period not exceeding 30 days.
The capital increase and the bonus issue are subject to the approval of the relevant authorities and company shareholders, the statement said.
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