Logo of Saudi Arabian Mining Co. (Maaden)
The Capital Market Authority (CMA) gave the green light for Saudi Arabian Mining Co. (Maaden) to increase its capital from SAR 12.3 billion to SAR 24.6 billion, through a one-for-one bonus share distribution, according to a CMA statement.
Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day after the record date – to be determined by the board later – will be eligible for the distribution.
The increase will be financed by transferring SAR 10.74 billion from the company's share premium account and SAR 1.57 billion from retained earnings and reserve.
An extraordinary general meeting (EGM) will be held within six months from this approval date and the company will fulfill all regulatory requirements and applicable laws.
On Feb 24, the board of directors recommended a 100% capital increase via a one-for-one bonus issue, Argaam earlier reported.
|
Details of Capital Increase – Bonus Issue |
|
|
Current Capital |
SAR 12.305 bln |
|
Number of Shares |
1.230 bln |
|
Percentage of Capital Increase |
100% (one bonus share for each existing share) |
|
New Capital |
SAR 24.6 bln |
|
Number of Shares |
2.46 bln |
|
Reason |
To boost capital base and finance future growth plans |
|
Method |
Capitalizing SAR 12.31 billion from the retained earnings and statutory reserve |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}