Logo of Al Moammar Information Systems Co.
Al Moammar Information Systems Co.’s (MIS) shareholders are set to vote on the board of directors’ recommendation to increase capital by 25% to SAR 250 million from SAR 200 million, during the extraordinary general assembly (EGM) meeting that will be held on April 11, 2021.
The capital will be raised by transferring SAR 50 million from retained earnings and statutory reserve. Accordingly, the number of shares will increase from 20 million to 25 million.
The company's board of directors recommended, in a meeting held last January, a 25% capital increase to SAR 250 million through issuing one bonus share for every 4 shares held.
The move aims to boost MIS capital, in light of its future plans and operations.
|
Details of Capital Increase |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln |
|
Capital hike percentage |
25% (one share for every 4 shares held) |
|
Capital after increase |
SAR 250 mln |
|
Number of shares after increase |
25 mln shares |
|
Record date |
Shareholders owning shares on record date in the register of shareholders at Edaa by the end of second trading day after record date. |
|
Objective of capital hike |
To boost the company's capital to cope with future expansions and goals. |
|
Method |
Capitalizing SAR 50 million from retained earnings and statutory reserve |
Meanwhile, shareholders will vote on amending bylaws related to capital, subscription in shares, number of board members and company’s objectives.
The will also ratify the dividend policy for 2021, 2022 and 2023.
Shareholders can vote on the assembly items as of April 8, 2021, through Tadawul services.
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