The Capital Market Authority (CMA) approved today, Sept. 5, the request received from Thob Al Aseel Co. to increase its capital from SAR 300 million (30 million shares) to SAR 400 million (40 million shares), according to the CMA's statement.
The capital will be raised through the distribution of one bonus share for every three shares held to the shareholders registered at the Securities Depository Center (Edaa) by the close of the second trading day after the due date.
The increase will be financed by transferring SAR 42.9 million from the company's other reserves account and SAR 57.08 million from retained earnings account to the company's capital, the statement added.
An extraordinary general assembly will be held within six months from this approval date and the company will satisfy all regulatory requirements and applicable laws.
Last July, Thob Al-Aseel board of directors recommended a 33.33% capital hike to SAR 400 million through the distribution of bonus shares.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 300 mln |
|
Number of Shares |
30 mln |
|
Hike (%) |
33.33% (one share for every three shares held) |
|
New Capital |
SAR 400 mln |
|
New Number of Shares |
40 mln |
|
Driver |
Strengthening the company's capital to match the size of its business and future plans |
|
Method of Increase |
Capitalizing SAR 100 million from retained earnings and other reserves |
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