AI Summary
Middle East Pharmaceutical Industries Co. (Avalon Pharma) shareholders will vote on the board’s recommendation to increase capital by 75% through a 3-for-4 bonus share issue, during an extraordinary general assembly meeting (EGM), to be held on May 11, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 200 mln |
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Current Number of Shares |
20 mln |
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Proposed Increase |
75% (3 shares for every 4 owned) |
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New Capital |
SAR 350 mln |
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New Number of Shares |
35 mln |
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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. |
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Method |
Capitalizing SAR 150 mln from the retained earnings account |
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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 |
Shareholders will also vote on the appointment of the company’s external auditor from among the nominated candidates, based on the recommendation of the audit committee and the board of directors, to review the interim financial statements.
Other agenda items include voting on the amendment of Article (4) of the company’s bylaws, related to the company objectives.
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