Pan Gulf shareholders approve 50% capital hike via bonus issue

Logo of Pan Gulf Marketing Co.

Shareholders of Pan Gulf Marketing Co. approved the board recommendation to increase capital by 50% by distributing one bonus share for every two shares held through capitalizing SAR 25 million from the retained earnings.

The decision was made during the extraordinary general meeting (EGM) on June 25, according to a statement to Tadawul.

Capital Increase Details
Current Capital	SAR 50 mln
Current Number of Shares	5 mln
Percentage of Increase	50%
Method	Distributing One bonus share for every two existing shares through the capitalization of SAR 25 mln from the retained earnings
New Capital	SAR 75 mln
Number of Shares	7.5 mln
Reasons	To boost the capital base as well as future activities and achieve high growth rates over the coming years, aligning with the company’s policy.
Record Date	June 25, 2024, for shareholders of record who are registered with Edaa at the end of the second trading day following the EGM date.

For more news on listed companies

The fractional shares, if any, will be compiled in one portfolio, to be offered for sale at market price. The proceeds will be distributed among the eligible shareholders pro rata within 30 days.

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

The Saudi Exchange (Tadawul) announced that fluctuation limits will be based on a share price of SAR 14.68 as of today, June 26 and the outstanding orders will be canceled. Edaa will deposit the bonus shares into investor portfolios on June 30.

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Most Read

Market Indices

Quotes

Popular Links

Quick Links

About Us

Join Us

Follow Us