Saudi Ceramics gets CMA nod on 25% capital hike via bonus issue

14/05/2024 Argaam
Logo ofSaudi Ceramic Co.

Logo of Saudi Ceramic Co.

The Capital Market Authority (CMA) approved the application of Saudi Ceramic Co. (Saudi Ceramics) to increase its capital by 25% from SAR 800 million to SAR 1 billion via a bonus issue, the market regulator said in a statement today, May 14.

 

Accordingly, one bonus share will be issued for every four 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 200 million from retained earnings. Thus, the company's shares will increase by 20 million to 100 million.

 

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

 

Last March, the company's board of directors recommended a 25% capital increase through distributing bonus shares, capitalizing SAR 200 million from the retained earnings, according to Argaam's data.

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