AI Summary
Logo of Balsm Alofoq Medical Co.
The increase will be implemented through the issuance of one bonus share for every existing share owned by shareholders registered in the shareholders’ registry at the Securities Depository Center Co. (Edaa) at the close of the second trading day following the record date, which will be determined later by the company’s board.
The capital increase will be funded by transferring SAR 10.15 million from the share premium account and SAR 2.35 million from the retained earnings account. As a result, the company’s outstanding shares will increase from 1.25 million to 2.5 million.
The company must convene an extraordinary general meeting (EGM) within six months from the date of the approval and comply with all regulatory requirements and applicable laws.
According to data compiled by Argaam, Balsm Alofoq’s board recommended in October a 100% capital increase through a bonus issue.
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Capital Increase Highlights |
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Current Capital |
SAR 12.50 mln |
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Number of Shares |
1.25 mln |
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New Capital |
SAR 25 mln |
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New Number of Shares |
2.50 mln |
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Percentage of Increase |
100% (1-for-1) |
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Reason |
Strengthen the company's strategic growth plan and future expansion needs, as well as reaffirm its financial solvency and financial position |
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Method |
Capitalizing SAR 10.15 mln from share premium account and SAR 2.35 mln from retained earnings. |
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Record Date |
Shareholders registered with Edaa by the end of the second trading day after the record date |
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