Advanced board recommends 20.1% capital increase to SAR 2.6 bln via bonus shares

One of Advanced Petrochemical’s manufacturing plants

Advanced Petrochemical Co.’s board of directors recommended, on Jan. 25, 20.1% capital increase to SAR 2.60 billion from SAR 2.16 billion through distributing one bonus share for every five shares held, according to a bourse filing.

The capital increase and the bonus share distribution are subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).

Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second working day after the due date are eligible for the bonus issue.

In the case of fractional bonus shares, these shares will be collected into one investment portfolio and will be sold at market price within 30 days on a pro rata basis from the date of determining the allocation of new shares for each shareholder, the company added.

:The petrochemical producer raised its capital three times through bonus issues since listing on the Saudi market in 2007, as shown in the following table