Logo of Al Moammar Information Systems Co.’s (MIS)
Al Moammar Information Systems Co.’s (MIS) shareholders approved the board’s recommendation to increase capital from SAR 250 million to SAR 300 million through a one-for-five bonus share distribution, during the extraordinary general meeting (EGM) held on June 22, according to a bourse statement.
|
Details of Capital Increase |
|
|
Current capital |
SAR 250 mln |
|
Number of shares |
25 mln |
|
Capital increase (%) |
20% (one share for every 5 shares held) |
|
New Capital |
SAR 300 mln |
|
Number of shares |
30 mln |
|
Method |
Capitalizing SAR 50 mln from reserves and retained earnings. |
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Record date |
June 22, 2022 (Including shareholders registered with Edaa by the end of second trading day after the record date) |
|
Reason |
To bolster the company's resources to record high growth rates over the coming years. |
However, shareholders disapproved amending Article No. 3 of the company's articles of association, related to the company's objectives.
Meanwhile, the Saudi Exchange (Tadawul) announced that the MIS fluctuation limits will be based today, June 23, on a share price of SAR 90.00. Accordingly, the outstanding orders will be canceled.
Additionally, the Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by June 27.
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