Electrical Industries EGM approves 25% capital hike via bonus shares

22/06/2023 Argaam
Logo ofElectrical Industries Co.

Logo of Electrical Industries Co.


Electrical Industries Co.'s shareholders approved a board recommendation to raise capital by 25% through a one-for-four bonus share distribution, during the extraordinary general assembly meeting (EGM) held on June 8.

 

Capital Increase Details

Current Capital

SAR 450 mln

Number of Shares

45 mln

Percentage of Increase

25%

Method

Distribution of one share for every four shares held by capitalizing SAR 112.5 million from retained earnings

New Capital

SAR 562.50 mln

Number of Shares

56.25 mln

Reason

Supporting and strengthening the financial position to drive business growth strategy

Record Date

 

June 21, 2023 (Shareholders of record by the close of trading on the EGM date and those who are registered with Edaa by the end of the second trading day following the EGM date)

 

Fractional shares, if any, will be collected in a single portfolio to be sold at market price. The value will be distributed to eligible shareholders pro rata within 30 days from the allocation date, the company said in a statement on Tadawul. 

   

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits today, June 22, for Electrical Industries will be based on a share price of SAR 35.85 and the outstanding orders will be canceled.

 

Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into investors’ portfolios before the start of trading on Monday, July 3. 

 

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