Maharah shareholders approve capital hike to SAR 475 mln via bonus shares

Logo of Maharah Human Resources Co.

Maharah Human Resources Co.’s shareholders approved a board recommendation to raise capital by 26.7% from SAR 375 million to SAR 475 million, during the extraordinary general assembly meeting (EGM) held on June 8.

Fractional shares, if any, will be collected in a single portfolio to be sold at market price. The value will be distributed to eligible shareholders on a pro rata basis within 30 days from the allocation date, the company said in a statement on Tadawul. 

Meanwhile, shareholders approved the employee stock incentive program and authorizing the board of directors to determine the terms of this program, including the allocation price for each share, if any. 

In addition, they authorized the board of directors to pay interim dividends for 2023 on a semi-annual or quarterly basis.

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits on Sunday, June 11, for Maharah will be based on a share price of SAR 53.30 and the outstanding orders will be canceled.

Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into investors’ portfolios by Tuesday, June 13.