Logo of Amlak International Finance Co.
Shareholders of Amlak International Finance Co. approved the board’s recommendation to increase the company’s capital from SAR 906 million to SAR 1.02 billion, during the extraordinary general meeting (EGM) held on May 20. The company is to capitalize the statutory reserve and a portion of the retained earnings to grant one bonus share for every eight shares held.
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Capital Increase Details (Bonus Issue) |
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Current Capital |
SAR 906 mln |
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Number of Shares |
90.6 mln |
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Percentage of Increase |
12.5% (1-for-8 bonus issue) |
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New Capital |
SAR 1.019 bln |
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Number of Shares |
101.93 mln |
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Eligibility |
May, 20, 2024, for shareholders registered with Edaa on the second trading day following the record date |
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Reason |
To support the company's expansion operations and enhance its solvency and growth, in line with its strategy after obtaining a license to undertake new financing activities |
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Method |
Capitalizing the statutory reserve amounting to SAR 101.93 million and capitalizing a portion of the retained earnings amounting to SAR 11.32 million, so that the total increase will be SAR 113.25 million |
Fractional shares, if any, will be compiled in one portfolio and sold at the market price. The proceeds will be distributed pro rata, within a period not exceeding 30 days.
Shareholders also elected board members for the upcoming three-year term, starting June 4, 2024. The new board members are Abdullah Al Howaish, Amr Kamel, Jameel Al Molhem, Mohammed Al-Shaya,Khalid Al Rayes, Majed Fakeeh,Nasser Al-Marzouki, Ali Alshamali, and Abdullah Al-Sudairi.
The Saudi Exchange (Tadawul) announced that fluctuation limits on the stock will be based on a share price of SAR 12.26 today, May 21, and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investor portfolios before May 23.
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