Rasan EGM to vote on 2.25% capital hike, employee stock program on Feb. 6

Logo of Rasan Information Technology Co.

Rasan Information Technology Co.'s are set to vote on increasing the company's capital from SAR 75.8 million to SAR 77.51 million by capitalizing part of the retained earnings, in an extraordinary general meeting (EGM) to be held on Feb. 6.

The increase will be achieved through the issuance of 1.71 million ordinary shares to be allocated for the employee stock program (long-term incentive plan), according to a statement to Tadawul.

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Meanwhile, shareholders will vote on the long-term incentive plan for employees, which can be extended for a period from three to five years, and its funding with a maximum of 1,707,000 shares, as well as authorizing the board of directors to manage the plan and link its mechanism with the performance, and to do the required amendments whenever necessary.

Additionally, they will decide on amending the company bylaws.