Logo of Alandalus Property Co.

Alandalus Property Co.’s shareholders will vote on the board of directors’ recommendation to increase capital by 33.33% during the extraordinary general meeting (EGM), slated for Aug. 25, according to a bourse filing.

 

Capital will increase to SAR 933.33 million from SAR 700 million via bonus share distribution at one bonus share for every three shares. 

 

Details of capital increase

Current Capital

SAR 700  million

Number of shares

70 million

Percentage of increase

33.33% (1 share for every 3 shares held)

Capital after increase

SAR 933.33 million

Number of shares after increase

93.33 million

Due date

Aug. 25, 2021 (Shareholders at the end of general meeting date, including shareholders of record at the end of the second trading day following the EGM date)

Reason for increase

To strengthen the company’s capital base and business activities

Method of increase

Capitalization of SAR 233.33 million from statutory reserve and retained earnings

 

Shareholders will also vote on amending the company’s dividend policy by adding the following items:

 

- The company intends to distribute 60% of the annual net profits for 2021, 2022 and 2023 on a semi-annual basis.

 

- Article 8 related to the distribution of profits will also be amended by adding the clause of material change in the company's strategy and business.

 

Details of the articles after the proposed amendments in the attachment below:
Details of the articles after the proposed amendments

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