Development Works Food shareholders approve 20% capital increase via bonus shares

19/09/2021 Argaam

Logo of Development Works Food Co.


Development Works Food Co.’s shareholders approved increasing capital by 20%, through one-for-five bonus share distribution, during the extraordinary general meeting (EGM) held on Sept. 16, according to a bourse filing.

 

Details of Capital Increase

Current Capital

SAR 25 mln

Number of Shares

2.5 mln

Percentage of Increase

20% (1 share for every 5 shares held)

Capital after Increase

SAR 30 mln

Number of Shares After Increase

3 mln

Method of Increase

By transferring a portion from retained earnings and the statutory reserve

Reasons for Increase

To support and strengthen the company's future activities

Record Date

Sept. 16, 2021 (including shareholders enrolled on Securities Depository Center by the end of the second trading day following the due date)

 

Additionally, shareholders approved the election of board members for the upcoming three-year session, which begins Oct. 30, 2021.

 

The elected members include Ashry Saad Mizal Al-Ashry, Anas Saleh Ibrahim Al-Amoud, Abdel-Rahman Nasser Zayed Al-Asmari, Ibrahim Nasser Mohammed Al-Shamimary, and Yazid Khaled Zaid Al-Tamimi.

 

Shareholders also approved the formation of the audit committee, defined its tasks, work controls, and remuneration of its members, for the same term.

 

Audit committee members include Musa Abdullah Al-Fawzan, Hassan Omar Ba Khamis, and Muhammad Abdullah Al-Mubarak.

 

Meanwhile, in a separate statement, Saudi Exchange (Tadawul) announced that Development Works Food’s daily trading fluctuation limit after its capital increase will be based on a share price of SAR 220.8 as of today, Sept 19.

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