A Bahri carrier
The Capital Market Authority (CMA) approved an application from National Shipping Company of Saudi Arabia (Bahri) to increase its capital from SAR 3.94 billion to SAR 4.92 billion.
The capital will be raised by issuing one bonus share for every four shares held by shareholders registered in the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by Bahri’s board.
The increase will be paid by transferring SAR 984.37 million from the company’s statutory reserve account.
The CMA said that the company's extraordinary general assembly should be held within six months from this approval date and satisfy all regulatory requirements and applicable laws.
Bahri’s board of directors recommended, on Feb. 7, a 25% capital increase to SAR 4.92 billion through 1-for-4 bonus issue.
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Key Figures of the Capital Increase |
|
|
Current Capital |
SAR 3.937 bln |
|
Number of Shares |
393.7 mln |
|
Hike (%) |
25% (one share for every four shares held) |
|
New Capital |
SAR 4.921 bln |
|
New Number of Shares |
492.2 mln |
|
Method of Increase |
Capitalizing SAR 984.37 million from the statutory reserve |
|
Driver |
Strengthening the company's capital base to match the size of its business and future projects |
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