Edarat gets CMA nod to raise capital to SAR 25.2M via bonus shares

06/03/2024 Argaam
Logo ofEdarat Communication and Information Technology Co.

Logo of Edarat Communication and Information Technology Co.

The Capital Market Authority (CMA) approved the application from Edarat Communication and Information Technology Co. to increase its capital from SAR 12.6 million to SAR 25.2 million through a bonus share distribution, the market regulator said in a statement today, March 6.

 

Accordingly, one bonus share will be issued for every share held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by the company's board.

 

The capital top-up will be funded by transferring SAR 12.6 million from retained earnings. Thus, the company's shares will increase by 1.26 million to 2.52 million.

 

 The CMA added that the company's extraordinary general assembly meeting (EGM) should be held within six months from the approval date, provided that Edarat meets all regulatory requirements and applicable laws.

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