Logo of East Pipes Integrated Co.
East Pipes Integrated Co.’s shareholders are set to vote on increasing the company’s capital by 50%, from SAR 210 million to SAR 315 million, during the extraordinary general assembly meeting slated for Oct. 19, according to a bourse filing.
The process will take place through distributing one bonus share for every two shares held and will be financed by capitalizing an amount of SAR 105 million from retained earnings account, as the table below indicates:
|
Capital Increase Details |
|
|
Current Capital |
SAR 210 mln |
|
Number of Shares |
21 mln |
|
Percentage of Increase |
50% (1 bonus share for every 2 shares held) |
|
Method |
Capitalization of SAR 105 mln of retained earnings |
|
New Capital |
SAR 315 mln |
|
Number of Shares |
31.5 mln |
|
Reason |
To create sustainable returns for shareholders and support the company’s strategic investment plans |
|
Record Date |
Oct. 19, 2022 and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following this date |
By increasing its capital, the company aims to maximize shareholders wealth that balance between investment growth and dividends distribution, in line with future prospects, underlying growth in free cash flow, and long-term value creation through investments in available opportunities, the company noted.
Meanwhile, the EGM agenda includes other items such as related party transactions.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}