Saudi Aramco shareholders to vote on 1:10 bonus issue today

12/05/2022 Argaam

Logo of Saudi Aramco

Shareholders of Saudi Arabian Oil Co. (Saudi Aramco) will vote on the board’s recommendation to increase capital to SAR 75 billion from SAR 60 billion via the capitalization of SAR 15 billion from the retained earnings, during the extraordinary general meeting (EGM) slated for today, May 12.

 

Accordingly, Saudi Aramco will distribute one bonus share for every 10 existing shares.

 

Details of Capital Increase – Bonus Issue

Current Capital

SAR 60 bln

New Capital

SAR 75 bln

Percentage of Increase

25%

Number of Shares*

200 bln

New Number of Shares

220 bln

Bonus Issue

1 bonus share for every 10 existing shares

Reason

To maximize returns via the distribution of sustainable and progressive dividends, in line with future plans and growth in free cash flows, in addition to creating long-term value through investments in available opportunities

Method

Capitalization of SAR 15 billion from retained earnings

*Saudi Aramco shares have no nominal value

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