Al Moammar Information Systems Co.'s shareholders will vote on the board's recommendation to increase capital from SAR 160 million to SAR 200 million during the company's extraordinary general meeting (EGM) slated for June 1, 2020.

 

The capital hike will be financed from capitalizing a portion of reserves and retained earnings in addition to distributing one share for every four outstanding shares.

 

In March, the Capital Market Authority (CMA) approved Al Moammar's request to increase its capital from SAR 160 million to SAR 200 million, through issuance of 1 bonus share for every 4 existing shares owned by the shareholders, Argaam reported.

 

Details of Capital Hike

Current Capital

SAR 160 mln

Number of shares

16 mln shares

Increase percentage

25% (1 share for every 4 outstanding shares)

New Capital

SAR 200 mln

Number of shares after capital hike

20 mln

Record date

Shareholders of record on June 1, 2020

Capital hike reason

To boost the company's resources and record high growth rates over the coming years.

Method of capital hike

Capitalization of SAR 40 million from reserves and retained earnings

 

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