Logo of Pan Gulf Marketing Co.
Pan Gulf Marketing Co.’s board of directors recommended today, March 14, increasing the company’s capital by 50% through a one-for-two bonus share distribution, to be financed by capitalizing SAR 25 million from retained earnings, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 50 mln |
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Number of Shares |
5 mln |
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Percentage of Capital Increase |
50% |
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Method |
1-for-2 bonus issue by capitalizing SAR 25 mln from retained earnings |
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New Capital |
SAR 75 mln |
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New Number of Shares |
7.5 mln |
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Reason |
To support and strengthen the company's capital base and future activities, which will contribute to achieving good growth rates in the coming years |
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Record Date |
Shareholders of record and those registered with Edaa by the end of second trading day after record date |
Fractional shares, if any will be collected in one portfolio for all shareholders and sold at the market price. Their value will then be distributed among eligible shareholders, on a pro rata basis, within a period not exceeding 30 days from the date of determining the shares due to each shareholder, according to the company's statement.
The capital increase is subject to the approval of the competent authorities and the company's extraordinary general meeting (EGM).
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