CMA approves Bena's capital hike to SAR 60M via bonus issue

13/05/2024 Argaam
Logo ofBena Steel Industries Co.

Logo of Bena Steel Industries Co.

The Capital Market Authority (CMA) approved the application of Bena Steel Industries Co. to increase its capital from SAR 50 million to SAR 60 million via a bonus issue, the market regulator said in a statement today, May 13.

 

Accordingly, one bonus share will be issued for every five shares 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 10 million from retained earnings. Thus, the company's shares will increase by one million to 6 million.

 

The CMA added that Bena’s extraordinary general meeting (EGM) should be held within six months from this approval date, provided the company satisfies all regulatory requirements and requisite procedures.

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