Paper Home Co.’s shareholders are set to vote on a 33.33% capital increase through a one-for-three bonus share distribution during the extraordinary general meeting (EGM) to be held on Nov. 25, according to a statement to Tadawul.
The capital top-up will be financed through capitalizing SAR 5 million from retained earnings.
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Capital Increase Details |
|
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Current Capital |
SAR 15 mln |
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Number of Shares |
1.5 mln |
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Percentage Increase |
33.33% (1-for-3 bonus issue) |
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New Capital |
SAR 20 mln |
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New Number of Shares |
2 mln |
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Method |
Capitalizing SAR 5 mln from retained earnings |
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Reasons |
To align with the company's business size and assets, in addition to supporting future growth and expansion |
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Record Date |
Nov. 25, 2024 (Shareholders registered with Edaa on the second trading day following the record date) |
Fractional shares, if any, will be compiled in one portfolio for shareholders and will be sold at market price. The proceeds will then be distributed to eligible shareholders, as per their respective ownership, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.
Other agenda items include voting on amending Articles 7 and 8 of the company’s bylaws related to capital and share subscription.
Meanwhile, they will decide on the purchase of the land plots on which the company’s facilities are located, spanning 19,348 square meters, from Chairman Yaqoub Al-Maghrabi for SAR 23.21 million.
Furthermore, the EGM will discuss the sale of the company’s branch, United Industrial Refreshments Co., along with two agricultural land plots at their fair market values, to Al-Maghrabi.
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