Aldrees to deposit proceeds from fractional shares sale today

Aldrees Petroleum and Transport Services Co. will deposit today, May 26, 2021, the proceeds from selling fractional shares resulting from the capital increase in the accounts of eligible shareholders, according to a bourse filing.

The firm sold 18,165 fractional shares on April 27, 2021, at SAR 60.9 per share for a total of SAR 1.11 million.

In March 2021, the Capital Market Authority (CMA) approved Aldrees's request to raise its capital to SAR 750 million from SAR 600 million through the issue of one bonus share for every four shares held, Argaam reported.

In January this year, the board of directors recommended increasing the company’s capital to SAR 750 million from SAR 600 million through distribution of bonus shares.