Logo of stc
Shareholders of stc will vote on increasing the company’s capital by 150% through a bonus-share distribution during an extraordinary general assembly meeting (EGM) scheduled to be held on Aug. 30, according to a bourse filing.
|
Details of Bonus Issue |
|
|
Current Capital |
SAR 20 bln |
|
Number of Shares |
2 bln |
|
Increase% |
150% (equivalent to 1.5 shares for every 1 share held) |
|
New Capital |
SAR 50 bln |
|
Number of Shares |
5 bln |
|
Percentage Increase |
To support stc in achieving its growth and expansion strategy, along with maximizing its shareholders’ returns through increasing and diversifying the telco’s investments and seizing the expected growth opportunities in the Kingdom’s telecommunication and technology sector |
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Method of Increase |
Through capitalizing SAR 30 bln from retained earnings |
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Record Date |
Aug. 30, 2022 (Shareholders registered with the Securities Depository Center at the end of the second trading day following the EGM date) |
Shareholders will also vote on amending the dividend distribution policy.
Additionally, shareholders will vote on the repurchase of a number of stc’s shares at a maximum of 15 million shares. The proposed shares to be repurchased reflect the possible 150% increase in the telco’s capital for an amount not exceeding SAR 453 million to be allocated under its employee stock incentive plan.
The repurchase will be financed from the telecom operator’s own resources. Further, the board of directors, or whoever it delegates, will be authorized to complete the repurchase within 12 months from the EGM approval date. The repurchased shares will be kept no longer than seven years from the EGM approval date. Once the period lapses, stc will follow the rules and procedures stipulated in the relevant laws and regulations.
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