| Introduction |
Alandalus Property Company announces the Board of Directors’ recommendation to increase the Company's capital by granting shares as follows: |
| Date of Board Meeting |
2021-04-29 Corresponding to 1442-09-17 |
| Capital before increase |
SR 700,000,000 |
| Capital after increase |
SR 933,333,330 |
| Percentage of Capital increase |
33.33 % |
| Number of shares before Capital increase |
70000000 |
| Number of shares after Capital increase |
93333333 |
| Reasons for the increase |
Solidify and strengthen the Company capital base and future business activities |
| Number of Shares Granted per Exiting Share |
One share for every three owned shares |
| Nature and Value of Reserves Used in the Capitalization |
The increase will be made by capitalizing SAR 233.33 million of retained earnings and statutory reserve |
| Eligibility Date |
the eligibility is for shareholders who own the shares on the end of the trading day of the Company’s Extraordinary General Assembly (to be determined later subject to regulatory approvals) as per the Company’s Shareholders Registered in the company’s shareholder record at the Depository Center at the end of second trading day following the date of the said General Assembly. |
| Fractional Shares |
Fraction bonus shares will be aggregated in one portfolio for all shareholders and sold at the market price, sale proceeds of which will be distributed to shareholders who are entitled to bonus shares. On pro rata basis within a period not exceeding 30 days from the date of determining the due new shares for each shareholder . |
| Approvals |
The bonus shares shall be subject to approval of the official entities and the Extraordinary General Assembly regarding the capital increase and the number of the bonus shares. |
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