Edarat shareholders approve 100% capital increase via bonus issue

Logo of Edarat Communication and Information Technology Co.

Shareholders of Edarat Communication and Information Technology Co. approved a 100% capital increase from SAR 12.6 million to SAR 25.2 million, during the extraordinary general meeting (EGM) held on April 16, according to a statement to Tadawul.

 

The increase will be implemented via a one-for-one bonus issue.

 

Capital Increase Details

Current Capital

SAR 12.6 mln

Number of Shares

1.26 mln

Percentage of Capital Increase

100% (one bonus share for each share held)

New Capital

SAR 25.2 mln

Number of Shares

2.25 mln

Method

Capitalizing SAR 12.6 mln from retained earnings

Reasons

Supporting the capital base and the company’s future business activities to achieve strong growth over the coming years, aligning with the company’s strategy

Record Date

April 16, 2024 (Shareholders of record and those registered with Edaa on the second trading day following the record date)
 

Fractional shares, if any, will be compiled in one portfolio and offered at market price. The related proceeds will be distributed to the eligible shareholders pro rata within 30 days maximum.

 

Shareholders also approved other agenda items.

 

Meanwhile, the Saudi Exchange (Tadawul) announced that the fluctuation limits will be based on a share price of SAR 273.60 and the outstanding orders will be canceled. Furthermore, the Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by April 21, the statement added.

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