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Academy of Learning’s board of directors recommended a 50% capital increase through capitalizing SAR 30 million from retained earnings, and granting one share for every two shares owned, according to a statement to Tadawul.
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Details |
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Current Capital |
SAR 60 mln |
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Number of Shares |
60 mln |
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Percentage of Increase |
50% |
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Method |
Capitalizing SAR 30 million from retained earnings, and granting one share for every two shares owned |
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New Capital |
SAR 90 mln |
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Number of Shares |
90 mln |
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Reasons |
To focus on growth and expansions in line with the company’s strategy |
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Record Date |
Shareholders of record and those registered with Edaa on the second day following the general meeting date, which will be determined later |
Fractional shares, if any, will be compiled in one portfolio, and will be sold at market price with proceeds to be distributed pro rata among eligible shareholders within 30 days.
The capital hike is subject to the approval of the competent authorities and the extraordinary general meeting (EGM).
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