AI Summary
Logo of Atlas Elevators General Trading & Contracting Co.
The Capital Market Authority (CMA) approved a request by Atlas Elevators General Trading & Contracting Co. to increase its capital from SAR 60 million to SAR 90 million, through a 1-for-2 bonus issue.
Subscription eligibility will be limited to shareholders registered with the Security Depository Center (Edaa) as of the closing of the second trading day after the record date, the date for which is yet to be determined, according to a statement today, April 21.
The process will be financed through capitalizing SAR 12.7 million from the share premium balance and SAR 17.3 million from the retained earnings account.
The CMA said the planned capital hike will be paid by transferring SAR 17.3 million from the retained earnings account to the company's capital and SAR 12.7 million from the share premium balance. Consequently, the company's outstanding shares will rise from six million to nine million.
The deciding EGM shall be held within six months from this approval date, and the company shall satisfy all regulatory requirements and applicable laws, the statement added.
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Capital Increase Details |
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Current Capital |
SAR 60 mln |
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Current Number of Shares |
6 mln |
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New Capital |
SAR 90 mln |
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New Number of Shares |
9 mln |
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Proposed Increase |
50% |
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Reason |
To strengthen the company’s strategic growth plan, meet its future expansion needs and aspirations, and emphasize its financial solvency and strong financial position. |
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Number of Shares Granted |
Granting 1 bonus share for every 2 shares held |
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Method |
Capitalizing SAR 12.7 mln from the share premium balance and SAR 17.3 mln from the retained earnings account |
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Record Date |
Shareholders of record on day of the deciding EGM and those registered with Edaa at the end of the second trading day after the record date |
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