Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co.’s (Al Arabia) shareholders approved the board’s recommendation to increase capital by 10% via a bonus issue. Al Arabia will capitalize SAR 50 million from the retained earnings and issue one bonus share for every 10 existing shares.
The decision came during the extraordinary general meeting (EGM) held on Dec. 23, according to a statement to Tadawul.
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Capital Increase Details |
|
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Current Capital |
SAR 500 mln |
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Number of Shares |
50 mln shares |
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Percentage of Increase |
10% (1 share for every 10 shares) |
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New Capital |
SAR 550 mln |
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Number of Shares |
55 mln |
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Method |
Capitalizing SAR 50 million from retained earnings |
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Reason |
To ensure compatibility with the company’s business portfolio and asset base. To boost growth and expansions. |
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Record Date |
Dec. 23, 2024, to shareholders of record and those registered with Edaa on the second trading day following the general meeting. |
Shareholders further approved the election of Mohammed Al-Ghaith as a board member.
Meanwhile, Tadawul announced that fluctuation limits will be calculated based on a share price of SAR 144 for today, Dec. 24. All outstanding orders will be canceled.
Additionally, the Securities Depository Center Co. (Edaa) will deposit the bonus shares in portfolios before the start of trading on Dec. 26.
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