The Capital Market Authority (CMA) approved a request from Saudi Ceramic Co. to raise its capital to SAR 800 million from SAR 600 million through the issue of one bonus share for every three shares held, the market regulator said in a bourse statement.
Accordingly, the number of outstanding shares will be raised from 60 million to 80 million.
Shareholders of record at the Security Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company, are eligible for this increase.
The capital increase will be financed by transferring SAR 200 million from from retained earnings.
The extraordinary general assembly shall be held within six months from the CMA’s approval date, the statement added.
The company’s board of directors recommended, on Feb. 3, 2021, a 33.3% capital hike to SAR 800 million from SAR 600 million through the issuance of bonus shares.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 600 mln |
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Number of shares |
60 mln |
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Hike (%) |
33.3% (one share for every three existing shares) |
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New Capital |
SAR 800 mln |
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New number of shares |
80 mln |
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Record date |
Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day after EGM, the date to be announced later |
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Driver |
To match the size of the company's business and assets, and support its future expansions |
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