Watani Steel shareholders to vote on 50% capital increase via bonus issue on June 6

16/05/2023 Argaam

Watani Steel shareholders to vote on 50% capital increase via bonus issue on June 6

Watani Steel logo 

Watani Iron Steel Co.’s (Watani Steel) shareholders will vote on increasing the company’s capital by 50% through a one-for-two bonus share distribution during the extraordinary general meeting (EGM) scheduled for June 6, as shown below:

 

Capital Increase Details

Current Capital

SAR 121.10 mln

Number of Shares

12.11 mln

Percentage of Increase

50% 

Method

Distribution of one bonus share for every two shares held through capitalization of SAR 60.55 mln of retained earnings 

New Capital

SAR 181.65 mln

Number of Shares

18.17 mln

Reason

Enhancing the company’s strategic growth plan and  reinforcing its financial position and solvency

Record Date

June 6, 2023 (Shareholders registered with the Securities Depository Center Co. at the end of the second trading day following the record date)
 

Shareholders will also vote on electing board members from the nominated candidates for the upcoming term, the company said in a statement to Tadawul.

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