Tadawul suspends SASCO’s shares to reflect capital hike

The Saudi Stock Exchange (Tadawul) has suspended the shares of Saudi Automotive Services Co. (SASCO) for one business day, May 23, to reflect the company’s capital hike and complete the corporate action process.

The suspension of trading will be lifted at the end of Wednesday, the bourse said in a statement.

SASCO’s fluctuation limit after capital hike will be based on a share price of SAR 16.20 on Thursday, May 24.

Meanwhile, the Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios by Sunday, May 27. 

On Tuesday, Saudi Automotive Services Co.’s (SASCO) general assembly approved an 11.11 percent capital increase to SAR 600 million from SAR 540 million, through the issue of one bonus share for every nine shares held.

The Saudi Stock Exchange (Tadawul) said today that in the event of late capital hike approvals during Ramadan, trading on the company’s shares will be suspended during the next trading session following the EGM in order to reflect the capital increase.