Aldrees Petroleum and Transport Services Co.’s board of directors has recommended a 20 percent capital hike to SAR 600 million from SAR 500 million through the issue bonus shares.
The step aims to match the company’s capital to business size and future plans.
The capital hike will be financed through capitalizing SAR 29.05 million from retained earnings account and SAR 70.95 million from the statutory reserve.
The process is pending approval from the general assembly and regulator.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 500 mln |
|
Number of shares |
50 mln shares |
|
Hike (%) |
20% (1 shares for every 5 shares) |
|
New Capital |
SAR 600 mln |
|
New number of shares |
60 mln shares |
|
Record date |
General assembly meeting |
|
Driver |
To match the company’s capital to business size and future plans. |
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