Logo of Pan Gulf Marketing Co.
Shareholders of Pan Gulf Marketing Co. approved the board recommendation to increase capital by 50% by distributing one bonus share for every two shares held through capitalizing SAR 25 million from the retained earnings.
The decision was made during the extraordinary general meeting (EGM) on June 25, according to a statement to Tadawul.
|
Capital Increase Details |
|
|
Current Capital |
SAR 50 mln |
|
Current Number of Shares |
5 mln |
|
Percentage of Increase |
50% |
|
Method |
Distributing One bonus share for every two existing shares through the capitalization of SAR 25 mln from the retained earnings |
|
New Capital |
SAR 75 mln |
|
Number of Shares |
7.5 mln |
|
Reasons |
To boost the capital base as well as future activities and achieve high growth rates over the coming years, aligning with the company’s policy. |
|
Record Date |
June 25, 2024, for shareholders of record who are registered with Edaa at the end of the second trading day following the EGM date. |
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The fractional shares, if any, will be compiled in one portfolio, to be offered for sale at market price. The proceeds will be distributed among the eligible shareholders pro rata within 30 days.
Shareholders also approved authorizing the board to pay interim dividends on a quarterly, or semi-annual basis, for 2024.
The Saudi Exchange (Tadawul) announced that fluctuation limits will be based on a share price of SAR 14.68 as of today, June 26 and the outstanding orders will be canceled. Edaa will deposit the bonus shares into investor portfolios on June 30.
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