Raoom Trading says selling fractional shares, distribution of sale revenue incomplete

Logo of Raoom Trading Co.

Raoom Trading Co. announced that it was unable to distribute the amounts of selling fractional shares to the eligible shareholders during the period mentioned in the shareholders’ circular, which is specified for 30 days from the date of the shareholders’ approval in the extraordinary general assembly on the company’s capital increase, according to a bourse filing.

The company attributed this to delay in completing the procedures with the designated bank for the transfer of funds.

It expects the selling of fractional shares and distribution of sale revenues to be completed in Sept. 14.

The company's shareholders approved on Aug. 8, the board’s recommendation to increase capital by 25%, or SAR 12.5 million to SAR 62.5 million, through issuing one bonus share for every four shares held.