Leen Alkhair EGM ratifies capital hike via bonus issue

Logo of Leen Alkhair Trading Co.

Leen Alkhair Trading Co.'s shareholders approved, on Oct. 25, the board's recommendation to increase capital by 100% by capitalizing a portion of retained earnings, the company said in a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 40.80 mln

Current Number of Shares

4.08 mln

Percentage of Capital Increase

100% (One-for-one bonus issue to every shareholder)

Method

Capitalizing SAR 40.8 mln from retained earnings

New Capital

SAR 81.60 mln

New Number of Shares

8.16 mln

Reason

Enhancing the strategic growth plan, future expansion, reinforcing financial solvency and financial position

Record Date

Oct. 25, 2023 (Shareholders of record and those registered with Edaa on the second trading day following the EGM date)
 

The company said in a statement on Tadawul that 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 pro rata within 30 days of the allocation date. 

  

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits today, Oct. 26, for Leen Alkhair will be based on a share price of SAR 29.05. Accordingly, the outstanding orders will be canceled.

 

Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into investors’ portfolios by Monday, Oct. 30. 

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