A Bahri carrier

Shareholders of National Shipping Company of Saudi Arabia (Bahri) approved the board of directors’ recommendation to increase capital by 25% from SAR 3.94 billion to SAR 4.92 billion, through one share for every four shares held, during the extraordinary general meeting (EGM) held on May 16.

 

Key Figures of Capital Hike

Current Capital

SAR 3.93 bln

Number of Shares

393.7 mln

Hike (%)

25% (one share for every four shares held)

New Capital

SAR 4.92 bln

New Number of Shares

492.2 mln

Goal

Strengthening the company's capital base to match the size of its assets and future projects

Method of Increase

Capitalizing SAR 984.37 million from the statutory reserve

Record Date

May 16, 2022 (shareholders registered in the Securities Depository Center by the close of the second trading day following the record date)

 

In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limit for Bahri will be based on a share price of SAR 27.25 and the outstanding orders will be canceled.

 

Also, the Securities Depository Center Co. (Edaa) will deposit the additional shares into investor’s portfolios by May 19.

 

Shareholders also approved withholding cash dividends for the second half of 2021, and authorized the board to distribute dividends on a quarterly or semi-annual basis for 2022.

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