Logo of Saudi Aramco
Shareholders of Saudi Aramco will vote on increasing the company’s capital to SAR 90 billion from SAR 75 billion through a 1-for-10 bonus-share distribution during an extraordinary general meeting (EGM) scheduled for May 8, according to a Tadawul statement.
Capital Increase Highlights – Bonus Issue |
|
Current capital* |
SAR 75 bln |
New capital |
SAR 90 bln |
Percentage of increase |
20% |
Number of shares |
220 bln |
New number of shares |
242 bln |
Bonus issue |
1 share for every 10 shares held |
Reason |
To maximize shareholders’ 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 |
*There is no fair value for Saudi Aramco shares
In case of fractional shares, they will be compiled in one portfolio and will be sold at market price. Proceeds will be distributed to shareholders pro rata, within 30 days maximum, the giant oil producer said in a statement to Tadawul.
The eligibility will be for shareholders who own the shares by the close of trading on the EGM date, and who are registered with the Securities Depository Center Co. (Edaa) by the close of the second trading following EGM date.
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