Al-Babtain Power and Telecommunication Co.’s shareholders are set to vote on increasing the company’s capital by 50% through a one-for-two bonus share distribution, during the extraordinary general meeting (EGM) slated for Aug. 17.

 

The capital hike will be financed through capitalizing SAR 213.2 million from retained earnings.

 

Capital Increase Details

Current Capital

SAR 426.31 mln

Number of Shares

42.63 mln

Percentage Increase

50%

Method

Via a one-for-two bonus issue by capitalizing SAR 213.2 mln from retained earnings

New Capital

SAR 639.47 mln

Number of Shares

63.95 mln

Reason

As part of the company’s plan to align the capital base with its future vision for growth and expansion, besides investing in the many available opportunities

Record Date

 

Shareholders of record by the end of trading on the day of the company’s EGM, and those registered with Edaa by the end of the second trading day following the EGM
 

If approved, the eligibility of bonus shares will be for shareholders of record by the end of trading on the EGM date and those registered in the company’s shareholders registry at the Securities Depository Center (Edaa) by the end of the second trading day following the EGM.

 

Meanwhile, shareholders will vote on other items in the meeting agenda including amending bylaws and the transfer of the statutory reserve valued at SAR 127.89 million as of Dec. 31, 2022, to retained earnings.

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