AI Summary
Logo of Multi Business Group Co.
Multi Business Group Co.’s board of directors recommended, on Feb. 12, a 200% capital increase through a 2-for-1 bonus share issue, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 15 mln |
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Current Number of Shares |
15 mln |
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Proposed Increase |
200% (2 shares for every 1 owned) |
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New Capital |
SAR 45 mln |
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New Number of Shares |
45 mln |
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Reason |
Supporting the company’s growth strategy, enhancing its capital base, and strengthening its financial position to execute ongoing and future projects, thereby contributing to enabling the company to align its financial structure with growth and expansion plans and maximize returns on shareholders’ equit |
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Method |
Capitalizing SAR 30 mln from the share premium balance |
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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.
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