AI Summary
Logo of Middle East Pharmaceutical Industries Co. (Avalon Pharma)
Middle East Pharmaceutical Industries Co.’s (Avalon Pharma) board of directors recommended, on Jan. 29, a 75% capital increase through a 3-for-4 bonus share issue, according to a statement to Tadawul.
|
Capital Increase Details |
|
|
Current Capital |
SAR 200 mln |
|
Current Number of Shares |
20 mln |
|
Proposed Increase |
75% (3 shares for every 4 owned) |
|
New Capital |
SAR 350 mln |
|
New Number of Shares |
35 mln |
|
Reason |
To support the company’s growth strategy, enhance its capital base, and strengthen its financial position to implement its plans and activities, thereby contributing to enabling the company to expand and maximize returns on shareholders’ equity. |
|
Method |
Capitalizing SAR 150 mln from the retained earnings account |
|
Record Date |
Shareholders of record on day of extraordinary general meeting (EGM) that approves the capital hike and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day after the record date |
Fractional shares, if any, will be compiled into a single portfolio for all shareholders, and will be sold at market price. Their value will be distributed to eligible shareholders pro rata within a period not exceeding 30 days.
The capital increase, issuance of bonus shares, and treasury shares are subject to obtaining the necessary approvals from the relevant regulatory authorities and the company’s EGM, the statement added.
Be the first to comment
Comments Analysis: