Dallah Healthcare Co.’s extraordinary general meeting (EGM) held on Sunday, Sept. 13, approved the capital increase from SAR 750 million to SAR 900 million through the distribution of 20% bonus shares.
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Details of the capital increase through bonus shares |
|
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Current Capital |
SAR 750 million |
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Number of shares |
75 million |
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Percentage of increase |
20% (1 share for every 5 shares held) |
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Capital after increase |
SAR 900 million |
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Number of shares after increase |
90 million |
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Due date |
Sept. 13, 2020 (and those registered in the shareholders registry at the Depository Center at the end of the second trading day following the maturity date) |
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Reason for increase |
To match the company’s share capital to its assets level, and support investments and future expansions. |
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Method of increase |
Capitalization of SAR 150 million from statutory reserve |
Dallah Healthcare’s EGM also agreed to amend the purpose of the company’s purchase of its shares and to keep them as treasury shares as follows:
Current purpose: The board believes that the share price in the market is less than its fair value
Proposed amendment: To fund the share swap transaction with Kingdom Investment and Development Company for its shares in Shield Care Holding Company Ltd.
Meanwhile, the Saudi Stock Exchange (Tadawul) in a separate statement said that Dallah Healthcare’s share fluctuation limit will be calculated based on the price of SAR 47.4 starting today, Sept. 14, 2020, and the outstanding orders will be cancelled.
Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Wednesday, Sept. 16.
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