Logo of Al-Babtain Power and Telecommunication Co.
Shareholders of Al-Babtain Power and Telecommunication Co. approved the board’s recommendation to increase capital via a bonus share distribution at 1-for-2, during the extraordinary general meeting (EGM) held on Sept. 28, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 426.31 mln |
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Number of Shares |
42.63 mln |
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Percentage of Capital Increase |
50% |
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Method |
One bonus share for each two existing shares, by capitalizing SAR 213.2 million from the retained earnings |
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New Capital |
SAR 639.47 mln |
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Number of Shares |
63.95 mln |
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Reasons |
To support the company’s financial position in line with growth plans, expansions and investments. |
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Record Date |
Shareholders of record on the general meeting date and those registered with Edaa on the second trading day following the general meeting date. |
Fractional shares, if any, will be compiled in one portfolio and will be offered at the market price. Proceeds will be distributed at shareholders pro rata within 30 days maximum.
Shareholders also approved transferring the statutory reserve of SAR 127.9 million as per financial statements for the year ended Dec. 31, 2022, to the retained earnings.
The Saudi Exchange announced that the fluctuation limits for Al-Babtain will be based on a share price of SAR 19.70 for today, Oct. 1, and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the addition shares into the investor portfolios on Oct. 3, 2023.
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