Thob Al Aseel shareholders to vote on capital increase to SAR 400 mln on Oct. 21

30/09/2021 Argaam

Logo of Thob Al Aseel Co.


Thob Al Aseel Co.'s shareholders will vote on increasing the company's capital by 33.33%, during the extraordinary general meeting (EGM) scheduled on Oct. 21, according to a bourse filing.

 

The capital increase aims to strengthen the company’s capital base to match the size of its business, expansion of its activities in the coming years, and maintain financial solvency.

 

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

Due Date

Shareholders registered in the company’s register with Edaa at the end of the second trading day following the EGM date

 

Shareholders will also vote on the formation of the audit committee and define its duties, work regulations and member remuneration for the upcoming term, starting from the EGM date and ending on Sept. 3, 2024.

 

The candidates are Ibrahim Abdullah Alsultan and Saad Ibrahim Al-Mshouh as members from outside the board and Tariq Saad Al-Tuwaijiri as an independent member.

 

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