Logo of Rasan Information Technology Co.
Rasan Information Technology Co.'s are set to vote on increasing the company's capital from SAR 75.8 million to SAR 77.51 million by capitalizing part of the retained earnings, in an extraordinary general meeting (EGM) to be held on Feb. 6.
The increase will be achieved through the issuance of 1.71 million ordinary shares to be allocated for the employee stock program (long-term incentive plan), according to a statement to Tadawul.
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Capital Increase Details |
|
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Current Capital |
SAR 75.80 mln |
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Number of Shares |
75.80 mln |
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Nominal Value |
SAR 1 |
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Increase Percentage |
2.25% |
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Method |
Capitalizing port of the retained earnings by issuing 1.71 million shares |
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New Capital |
SAR 77.51 mln |
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New Number of Shares |
77.51 mln |
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Reason |
Strengthening the company's capital base and allocating the new issued shares to establish the company's employee shares program (long-term incentive plan), which will contribute to establishing employee loyalty and achieving good growth rates in the coming years. |
Meanwhile, shareholders will vote on the long-term incentive plan for employees, which can be extended for a period from three to five years, and its funding with a maximum of 1,707,000 shares, as well as authorizing the board of directors to manage the plan and link its mechanism with the performance, and to do the required amendments whenever necessary.
Additionally, they will decide on amending the company bylaws.
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