Sumou Real Estate Co.'s shareholders approved increasing capital from SAR 250 million to SAR 375 million, through the issue of one bonus share for every two shares held, during the extraordinary general assembly meeting (EGM) held on May 5, 2021.
The capital hike will be financed through converting an amount of SAR 125 million from retained earnings account to capital, the company said I a bourse filing on Thursday.
|
Details of Capital Increase |
|
|
Current Capital |
SAR 250 mln |
|
Number of shares |
25 mln |
|
Capital hike |
50 % (1 share for every 2 shares held) |
|
Capital after increase |
SAR 375 mln |
|
Number of shares after increase |
37.5 mln |
|
Record date |
May 5, 2021 ( (including shareholders registered in Edaa by the end of second trading day after this date) |
|
Objective |
Support the company's financial position and meet future expansion requirements. |
In a separate statement, Tadawul Group announced the fluctuation limits for Sumou Real Estate on a share price of SAR 75.30 and said that the outstanding orders will be canceled.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Monday, May 10.
Meanwhile, the company, in its bourse statement, said that shareholders approved authorizing the board of directors to distribute interim dividend for 2021 on a semi-annual or quarterly basis.
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