Sumou EGM to vote on 33.3% capital increase via bonus issue on June 6

Sumou Real Estate Co. headquarters

Sumou Real Estate Co.’s shareholders are set to vote on a board recommendation of a 33.3% capital increase from SAR 375 million to SAR 500 million via a bonus share distribution by capitalizing SAR 125 million from the retained earnings, according to a statement to Tadawul.

The voting will take place during the extraordinary general meeting that will be held on June 6.

Fractional shares, if any, will be compiled in one portfolio for shareholders and will be sold at the market price and then proceeds will be distributed to the eligible shareholders pro rata in 30 days.

Meanwhile, shareholders will vote on transferring the statutory reserve of SAR 54.54 million as of Dec. 31, 2023, to the retained earnings account.

Additionally, they will vote on delegating the board to distribute cash dividends to shareholders for 2024 on a semiannual or quarterly basis.