Logo of Intelligent Oud Company for Trading (iOud)
The Capital Market Authority (CMA) approved the request submitted by Intelligent Oud Co. (IOud) to increase its capital from SAR 16.25 million to SAR 19.5 million through a one-for-five bonus share distribution, the market regulator said in a statement today, June 4.
Eligible shareholders are registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be set later by the company's board.
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The capital increase will be funded by transferring SAR 3.25 million from retained earnings. Thus, the company's shares will increase by 325,000 to 1.95 million from 1.635 million.
The CMA added that Intelligent Oud’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.
Earlier this month, the company’s board greenlit the capital increase to support its capital base and future growth plans, Argaam earlier reported.
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