Al Tayyar Travel Group's shareholders have approved a 43 percent capital hike to SAR 3 billion from SAR 2.096 million through bonus shares during the extraordinary general assembly meeting held on April 14, 2019.

 

The EGM has also approved allocating 6.49 million shares to set up an employee stock incentive program.

 

Meanwhile shareholders have also approved related party transactions with Careem Co. and approved amending the company’s name.

 

In a separate statement, the Saudi Stock Exchange (Tadawul) said that fluctuation limit for Al Tayyar after capital hike will be based on a share price of SAR 20.20 on Monday, April 15.

 

Meanwhile, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Wednesday, April 17, 2019.

 

Key Figures of the Capital Hike

Current Capital

SAR 2,096.5 mln

Number of shares

209.65 mln shares

Hike (%)

43% (2 shares for every 5 shares held)

New Capital

SAR 3,000 mln

New number of shares

300 mln shares

Method

Capitalizing SAR 707.35 mln from retained earnings account and SAR 196.16 from statutory deposit.

Record date

April 14, 2019

Driver

To finance expansions

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