Logo of Alandalus Property Co.
Alandalus Property Co.’s shareholders will vote on the board of directors’ recommendation to increase capital by 33.33% during the extraordinary general meeting (EGM), slated for Aug. 25, according to a bourse filing.
Capital will increase to SAR 933.33 million from SAR 700 million via bonus share distribution at one bonus share for every three shares.
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Details of capital increase |
|
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Current Capital |
SAR 700 million |
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Number of shares |
70 million |
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Percentage of increase |
33.33% (1 share for every 3 shares held) |
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Capital after increase |
SAR 933.33 million |
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Number of shares after increase |
93.33 million |
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Due date |
Aug. 25, 2021 (Shareholders at the end of general meeting date, including shareholders of record at the end of the second trading day following the EGM date) |
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Reason for increase |
To strengthen the company’s capital base and business activities |
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Method of increase |
Capitalization of SAR 233.33 million from statutory reserve and retained earnings |
Shareholders will also vote on amending the company’s dividend policy by adding the following items:
- The company intends to distribute 60% of the annual net profits for 2021, 2022 and 2023 on a semi-annual basis.
- Article 8 related to the distribution of profits will also be amended by adding the clause of material change in the company's strategy and business.
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