Retal shareholders OK 25% capital increase via bonus issue
Logo of Retal Urban Development Co.
Retal Urban Development Co.’s shareholders approved increasing the company’s capital by 25% from SAR 400 million to SAR 500 million via a 1-for-4 bonus share distribution, during the extraordinary general meeting (EGM) held on July 20, according to a statement to Tadawul.
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Details of Capital Increase |
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Current capital |
SAR 400 mln |
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Number of shares |
40 mln |
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Percentage of increase |
25% (1 share for every 4 shares owned) |
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New capital |
SAR 500 mln |
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Number of shares |
50 mln |
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Reason |
Enhancing the company's strategic asset growth plan, project expansions, boosting financial solvency and strengthening financial position |
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Method |
Capitalizing SAR 100 mln from retained earnings |
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Record Date |
July 20, 2023 (Shareholders registered with Edaa by the close of the second trading day following the record date) |
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Payout Date |
Within a maximum of 30 days as of determining eligible shares |
Shareholders also approved authorizing the board to pay interim dividends semi-annually or quarterly for 2023.
In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limits will be based on Retal’s share price of SAR 9.10 today, July 23. Accordingly, the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by July 25.