The company said in a statement to the Saudi market (Tadawul) today, Wednesday, that the board submitted the recommendation of the increase to the extraordinary general assembly of the company.
She explained that the increase will be made by capitalizing part of the reserve and retained earnings by granting one share per share.
She stated that the capital before the increase is 60 million riyals, and if the increase is approved by the public it will be 120 million riyals.
The company aims to raise capital to support and strengthen the capital base and future activities of it; Which contributes to achieving growth rates and diversification in the company's investments well in the coming years.
The eligibility for the shareholders who own the shares will be on the day of entitlement that is recorded in the issuer's shareholders ’register at the Deposit Center at the end of the second trading day that follows the due date.
In the event of fractional shares, fractions will be combined in one portfolio for all shareholders and sold at the market price, then its value will be distributed to the shareholders who are entitled to the grant, each according to his share during a period not It exceeds 30 days from the date of determining the new shares due for each shareholder.
The grant is subject to approval of the official authorities and the Extraordinary General Assembly to increase the capital and the number of shares granted.
(Fun Knowledge of Knowledge)
