Logo of Retal Urban Development Co.
Retal Urban Development Co.’s shareholders are set to vote on a board recommendation to increase capital by 25% to SAR 500 million via a 1-for-4 bonus-share distribution, during the extraordinary assembly meeting (EGM) scheduled for July 20, according to a statement to Tadawul.
|
Details of Capital Increase |
|
|
Current capital |
SAR 400 mln |
|
Number of shares |
50 mln |
|
Percentage of increase |
25% |
|
Method of increase |
Distributing 1 share for every 4 shares held through capitalizing SAR 100 mln from retained earnings account |
|
New capital after increase |
SAR 500 mln |
|
Number of shares |
500 mln |
|
Reason |
To enhance its strategic growth of assets, expand projects, and boost the company’s financial adequacy and financial position |
The eligibility for the bonus shares will be for the company’s shareholders who own shares on the EGM Day and who are registered in the shareholder register at the Securities Depository Center (Edaa) at the end of the second trading day following the maturity date.
Fractional shares, if any, will be collected in one portfolio for all the shareholders, and sold at the market price.
Proceeds from fractional shares’ sale will be distributed on the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder, the statement added.
Meanwhile, shareholders will vote on authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2023.
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