Logo of Mohammed Hassan Al Naqool Sons Co
Mohammed Hassan Al Naqool Sons Co.'s board of directors recommended, today, Aug. 25, a 50% capital hike to SAR 43.5 million from SAR 29 million through capitalizing SAR 14.5 million from retained earnings and part of the statutory reserve by distributing one-for-two bonus shares, according to a bourse filing.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 29 mln |
|
Number of Shares |
2.9 mln |
|
Hike (%) |
50% (one share for every two outstanding shares) |
|
New Capital |
SAR 43.5 mln |
|
New Number of Shares |
4.35 mln |
|
Method of Increase |
Capitalizing SAR 14.5 million from retained earnings and part of the statutory reserve |
|
Record date |
Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day following the due date |
|
Driver |
Strengthening the company's capital to match the size of its business and future aspirations |
The bonus share distribution is conditional on obtaining the approvals of official authorities and the coming extraordinary general meeting, the statement added.
In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price. The value will then be distributed to shareholders entitled to the bonus share distribution pro rata, no later than 30 days from the date of determining the shares due to each shareholder.
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