Tadweeer shareholders approve 100% capital hike

Logo of National Environmental Recycling Co. (Tadweeer)

National Environmental Recycling Co.’s (Tadweer) shareholders approved the board’s recommendation to increase the company’s capital by 100%. This will be carried out through the issuance of bonus shares, funded by capitalizing SAR 58.08 million from retained earnings.

The decision took place in an extraordinary general meeting (EGM) on Dec. 18, according to a statement to Tadawul.

Fractional shares, if any, will be compiled into a single portfolio for all shareholders, sold at the market price, and their value distributed to eligible shareholders pro rata within a period not exceeding 30 days.

The company also clarified that the remaining agenda items were approved, including amendments to several articles related to the company's objectives, capital, share subscriptions, stock purchases, and pledging of shares.

The Saudi Exchange announced that fluctuation limits on Dec. 19 will be based on a share price of SAR 7.60, and the outstanding orders will be canceled. Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Monday, Dec. 23.