Logo of Arabian Plastic Industrial Co. (APICO)
Arabian Plastic Industrial Co.'s (APICO) board of directors recommended, on Nov. 5, increasing capital by 50% through a one-for-two bonus share distribution.
The capital hike will be financed through capitalizing SAR 25 million from retained earnings, as follows:
|
Capital Increase Details |
|
|
Current Capital |
SAR 50 mln |
|
Number of Shares |
5 mln |
|
Percentage Increase |
50% (one-for-two bonus share distribution) |
|
Method |
1-for-1 bonus issue by capitalizing SAR 58.08 mln from retained earnings |
|
New Capital |
SAR 75 mln |
|
New Number of Shares |
7.5 mln |
|
Method |
Capitalizing SAR 25 mln from retained earnings |
|
Reason |
Enhancing the company's strategic growth plan, addressing expansion needs and aspirations, as well as emphasizing the company's financial solvency and strong financial position |
|
Record Date |
Shareholders of record and registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day after the record date |
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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