عمومية "أنابيب الشرق" توافق على زيادة رأس المال إلى 315 مليون ريال عن طريق توزيع أسهم منحة بنسبة 50%

Logo of East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry’s shareholders approved the board’s recommendation to increase capital by 50% from SAR 210 million to SAR 315 million, during the extraordinary general meeting (EGM), held on Oct. 19.

 

This will come through a 1-for-2 bonus issue, and the capitalization of SAR 105 million of the retained earnings, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 210 mln

Number of Shares

21 mln

Percentage of Capital

50%

Method

1 bonus share for every 2 shares, via the capitalization of SAR 105 million from the retained earnings

New Capital

SAR 315 mln

Number of Shares

31.5 mln

Reason

To maximize shareholders’ wealth while balancing between investment growth and dividends, in line with future prospects and the growth of free cash flows, in addition to creating accretive value in the long term via investing in the available opportunities

Record Date

 

Oct. 19, for shareholders registered with Edaa on the second trading day after the EGM
 

Share fractions, if any, will be sold at market price, and the proceeds will be distributed to eligible shareholders pro rata within 30 days from the allocation of new shares.

 

Fluctuation limits will be based on a share price of SAR 48.25 and the outstanding orders will be canceled. Furthermore, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Oct. 24, the Saudi Exchange (Tadawul) said in a separate statement.

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