The extraordinary general assembly of Al-Andalus Real Estate Company approved an increase in the capital from 700 million riyals to 933.33 million riyals, at a rate of 33.33%, by distributing bonus shares.
According to Arabiya Net, the company said in a statement that the increase will be by 233.33 million riyals from the retained earnings from the statutory reserve, and the distributions will be at the rate of one share for every three shares. /p>
And she indicated that the capital increase comes with the aim of supporting and strengthening the capital base and future activities of the company.
And it stated that the entitlement of the increase shares to shareholders registered on August 25, 2021, and who are registered in the company's records with a depository center, at the end of the second trading day following the date of the assembly meeting.
The general assembly also approved the amendment of Article No. (7) of the Company's Articles of Association relating to capital, and Article No. (8) of the Company's Articles of Association related to subscribing to shares. /p>
The company explained that the general assembly agreed to amend the article related to the dividend policy by adding an item that the company intends to distribute 60% of the annual net profits for the years 2021, 2022 and 2023, to be distributed semi-annually. .
In a separate statement, the Saudi Tadawul Group announced that the fluctuation percentage for the company's share was calculated based on the price of 22.16 riyals for today, August 26, 2021, and the existing orders were canceled.< /p>
Tadawul reported that the Securities Depository Center Company Edaa will add the bonus shares in the shareholders' portfolios, before the start of trading on Monday, August 30, 2021.
