AMAK shareholders approve capital hike to SAR 900 mln via bonus issue

Logo of Almasane Alkobra Mining Co. (AMAK) 

Shareholders of Almasane Alkobra Mining Co. (AMAK) approved increasing capital by 36.36% to SAR 900 million from SAR 660 million via a 1-for-2.75 bonus share distribution, during the extraordinary general meeting (EGM) held on Aug. 1. 

 

The capital hike will be financed through capitalizing SAR 240 million from the SAR 508.59 million share premium, according to a statement to Tadawul. 

 

Details of Capital Increase

Current Capital

SAR 660 mln

Current Number of Shares

66 mln

Percentage of Increase

36.36% (one share for every 2.75 shares held)

Capital after Increase

SAR 900 mln

Number of Shares

90 mln

Method

Capitalization of SAR 240 million from the SAR 508.6 million share premium.

Reason

To support the company's financial position in order to achieve its strategy to expand and grow by seizing opportunities to invest in the mining sector.

Record Date

Aug. 1, 2023 (Shareholders registered with Edaa by the end of the second trading day following the EGM) 
 

Fractional shares, if any, will be collected in one portfolio for all shareholders, sold at market price, and then distributed to the shareholders entitled to the bonus share distribution pro rata within a period not exceeding 30 days from the date of determining the shares due to each shareholder. 

 

Shareholders approved amending Article 3 of the company's bylaws related to the purposes of the company. They also gave the green light for amending the company’s bylaws to align with the New Companies Law, as well as rearranging and numbering the articles to align with the proposed amendments. 

 

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits for AMAK on Aug. 2 will be based on a share price of SAR 58.10 and the outstanding orders will be canceled. 

  

Furthermore, the Securities Depository Center (Edaa) will deposit the bonus shares into investors’ portfolios by Aug. 6.  

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