Alkhorayef Water EGM OKs capital hike to SAR 350M via 40% bonus issue

Logo of Alkhorayef Water and Power Technologies Co.

Alkhorayef Water and Power Technologies Co.’s shareholders approved the board's recommendation on increasing capital by 40% to SAR 350 million via a 1-for-2.5 bonus-share distribution. The capital hike will be financed through capitalizing SAR 100 million from retained earnings.

The approval was made during the extraordinary general meeting (EGM) held on May 23, according to a statement to Tadawul.

Fractional shares, if any, will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the eligible shareholders, on a pro rata basis, within a period not exceeding 30 days from the date of determining the shares due to each shareholder, according to the company's statement.

Shareholders also authorized the board to pay interim dividends on a semi-annual or quarterly basis for 2024.

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits for the company's stock today, May 26, will be based on a share price of SAR 162.80 and the outstanding orders will be canceled.

Furthermore, the Securities Depository Center Co. (Edaa) will deposit the additional shares into the investor’s portfolios before the start of trading on May 28.