Development Works Food Co.’s board of directors recommended a 30% capital increase to SAR 32.5 million from SAR 25 million via a bonus share issue at 3-for-10, the company said in a bourse statement.
The capital top-up will be financed from the statutory reserve and retained earnings.
Thus, the number of shares will increase from 2.5 million to 3.25 million shares.
The capital increase will help bolstering the company’s resources and boosting growth rates over the coming years.
Share fractions will be reoffered to shareholders pro rata basis within 30 days of share allocation.
The capital increase is subject to the approval of the competent authorities as well as the extraordinary general meeting (EGM).
In Sept. 2019, the company increased capital from SAR 12.5 million to SAR 25 million through a bonus share issue, Argaam reported.
The company’s shares were listed on the Nomu Parallel Market on Feb. 26, 2017, with the board of directors approving transition to the main market on Sept. 14.
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Details of Capital Hike |
|
|
Current Capital |
SAR 25 mln |
|
Number of shares |
2.5 mln shares |
|
Increase percentage |
30% (3 shares for every 10 outstanding shares) |
|
New Capital |
SAR 32.5 mln |
|
New Number of shares |
3.25 million |
|
Method |
Capitalization of statutory reserve and retained earnings |
|
Record Date |
The second trading day after the extraordinary general meeting, which will be announced later |
|
Goal of capital increase |
Boosting company’s resources as well growth rates over the coming years |
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