National Building board recommends 125% bonus issue, capital increase to SAR 270 mln

Logo of National Building and Marketing Co. (NBM)

National Building and Marketing Co.’s (NBM) board of directors recommended, on Oct. 19, a 125% capital increase to SAR 270 million from SAR 120 million.

The company will distribute 15 million bonus shares at 1.25-for-1 through capitalizing SAR 150 million from retained earnings and the statutory reserve, to strengthen its balance sheet, NBM said in a statement to Tadawul.

Capital Increase Highlights
Current Capital	SAR 120 mln
Number of Shares	12 mln
Capital Increase (%)	125% (1.25 share for every 1 share held through capitalizing SAR 150 mln from retained earnings and the statutory reserve)
Post-Increase Capital	SAR 270 mln
Post-Increase Shares	27 mln
Reason	To bolster the company's capital base and future activities, to achieve better growth and diversify its investments in the coming years
Record Date	Shareholders registered with Edaa by the end of the second trading day after the record date

Fractional shares, if any, will be collected in one portfolio for all shareholders and sold at market price. Proceeds will be distributed to eligible shareholders pro rata within 30 days.

The capital increase is subject to the approval of the competent authorities, as well as the extraordinary general meeting (EGM), the company concluded.

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