Logo of National Environmental Recycling Co. (Tadweeer)
National Environmental Recycling Co.’s (Tadweeer) board of directors recommended today, Aug. 29, a 100% capital hike via a 1-for-1 bonus issue by capitalizing SAR 58.08 million from retained earnings, as shown below:
|
Capital Increase Details |
|
|
Current Capital |
SAR 58.08 mln |
|
Number of Shares |
58.08 mln |
|
Percentage Increase |
100% |
|
Method |
1-for-1 bonus issue by capitalizing SAR 58.08 mln from retained earnings |
|
New Capital |
SAR 116.16 mln |
|
New Number of Shares |
116.16 mln |
|
Reason |
Strengthening the company’s capital base to support its future strategies and expansion plans |
|
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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