Al Naqool recommends 50% capital hike through bonus shares

Logo of Mohammed Hassan Al Naqool Sons Co

Mohammed Hassan Al Naqool Sons Co.'s board of directors recommended, today, Aug. 25, a 50% capital hike to SAR 43.5 million from SAR 29 million through capitalizing SAR 14.5 million from retained earnings and part of the statutory reserve by distributing one-for-two bonus shares, according to a bourse filing.

The bonus share distribution is conditional on obtaining the approvals of official authorities and the coming extraordinary general meeting, the statement added.

In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price. The value will then be distributed to shareholders entitled to the bonus share distribution pro rata, no later than 30 days from the date of determining the shares due to each shareholder.