According to ArabiaNet, the increase will be made by granting free shares for every 5 outstanding shares owned by the shareholders registered in the issuer's shareholders ’register at the Deposit Center at the end of the second trading day following the due date, which the company’s board of directors will determine its date at a later time.
The value of the increase in the capital will be paid by transferring the amount of 150 million riyals from the statutory reserve item, and therefore the number of shares increases from 75 million shares to 90 million shares, an increase of 15 million shares.
The authority stated that the date of the extraordinary general assembly meeting is not supposed to exceed six months from the date of this approval, provided that the company completes the relevant procedures and statutory requirements.
