Logo of Munawla Cargo Co.
Munawla Cargo Co.’s board of directors recommended today, July 17, a 100% capital hike by capitalizing SAR 10 million from the retained earnings account via a 1-for-1 bonus issue, as shown below:
|
Capital Increase Details |
|
|
Current Capital |
SAR 10 mln |
|
Number of Shares |
1 mln |
|
Percentage of Increase |
100% |
|
Method |
Capitalization of SAR 10 mln from retained earnings via 1-for-1 bonus issue |
|
New Capital |
SAR 20 mln |
|
New Number of Shares |
2 mln |
|
Reason |
Raising capital to strengthen its strategic growth plan, meet future expansion needs and aspirations, and ensure its financial solvency and strength of its financial position |
|
Record Date |
Shareholders of record and registered with the Securities Depository Center Co. (Edaa) on the second trading day after the record date |
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In a statement to Tadawul, the company said fractional shares, if any, will be compiled into one portfolio, to be offered for sale at market price. The proceeds will be distributed among eligible shareholders pro rata within 30 days maximum.
The move is still subject to obtaining the relevant approvals from official authorities and the extraordinary general meeting (EGM).
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