Logo of Amlak International Finance Co.
Shareholders of Amlak International Finance Co. will vote on increasing the company’s capital from SAR 906 million to SAR 1.02 billion, by capitalizing the statutory reserve and a portion of the retained earnings to grant one bonus share for every eight shares held.
The voting will be held during the extraordinary general meeting (EGM) scheduled for May 20, the company said in a statement to Tadawul.
|
Capital Increase Details (Bonus Issue) |
|
|
Current Capital |
SAR 906 mln |
|
Number of Shares |
90.6 mln |
|
Percentage of Increase |
12.5% (1-for-8 bonus issue) |
|
New Capital |
SAR 1.019 bln |
|
Number of Shares |
101.93 mln |
|
Eligibility |
Shareholders of record on EGM date and those registered with Edaa on the second trading day following the record date |
|
Reason |
To support the company's expansion operations and enhance its solvency and growth, in line with its strategy after obtaining a license to undertake new financing activities |
|
Method |
Capitalizing the statutory reserve amounting to SAR 101.93 million and capitalizing a portion of the retained earnings amounting to SAR 11.31 million, so that the total increase will be SAR 113.25 million, by granting one share for every eight shares held |
Fractional shares, if any, will be compiled in one portfolio and sold at the market price, while the proceeds will be distributed pro rata, within a period not exceeding 30 days.
Shareholders will also vote on the election of board members for the upcoming three-year term, starting June 4, 2024, and will vote on the formation of an audit committee for the same three-year term. The audit committee will include Nasser Al-Shibani, Abdulrazzaq Al-Kharji and Abdullah Al-Shamasi.
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