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Halwani Bros Co.’s shareholders approved the board of directors’ recommendation of 12.5% capital hike from SAR 314.3 million to SAR 353.6 million by capitalizing SAR 39.3 million from the statutory reserve through one-for-eight bonus share distribution, during the extraordinary general meeting (EGM) held on April 28, 2021.

 

Shareholders also approved to authorize the board to pay interim dividend on a semi-annual or quarterly basis for 2021.

 

Details of capital increase via bonus shares

Current Capital

SAR 314.29 million

Number of shares

31.43 million

Percentage of increase

12.5% (1 share for every 8 shares held)

Capital after increase

SAR 353.57 million

Number of shares after increase

35.36 million

Due date

April 28, 2021 (Shareholders registered in the shareholders registry at the Depository Center at the end of the second trading day following the general meeting date)

Reason for increase

To boost the company's capital to match its business size and future goals.

Method of increase

Capitalization of SAR 39.3 million from statutory reserve

 

The Saudi Stock Exchange (Tadawul) announced that the daily trading fluctuation limit for Halwani Bros after its capital hike will be based on a share price of SAR 102 as of today, April 29, 2021.

 

Meanwhile, the outstanding orders will be canceled.

 

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by May 3, the statement added.

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