Munawla shareholders to vote on 100% capital hike via bonus issue on Oct. 23

04:10 PM (Mecca time) Argaam
Logo ofMunawla Cargo Co.

Logo of Munawla Cargo Co. 

hareholders of Munawla Cargo Co. will vote on the board recommendation to increase capital by 100% during an extraordinary general meeting (EGM) on Oct. 23.

 

This will be through a 1-for-1 bonus issue by capitalizing SAR 10 million from the retained earnings, according to a statement to Tadawul.

 

Details of Bonus Issue

Current capital

SAR 10 mln

Current number of shares

1 mln 

Percentage increase

100% (one bonus share for every share held, via capitalizing SAR 10 mln from retained earnings(

New capital

SAR 20 mln

New number of shares

2 mln

Reason

To enhance the strategic growth plan, address future expansion needs, aligning with the company's aspirations, and reinforce its financial stability and robust financial position

Record date

Oct. 23, 2024 (Those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the record date)
 
 
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.

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