Logo of Aqaseem Factory for Chemicals and Plastics Co.
Aqaseem Factory for Chemicals and Plastics Co.’s board of directors recommended today, Jan. 16, a 50% capital top-up from SAR 25 million to SAR 37.50 million.
This is through capitalizing part of the retained earnings account and allocating 10% of capital as treasury shares, according to a Tadawul statement.
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Capital Increase Details |
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Current Capital |
SAR 25 mln |
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Number of Shares |
25 mln |
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Percentage of Increase |
50% (1 share for every 2 shares held) |
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New Capital |
SAR 37.5 mln |
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New Number of Shares |
37.5 mln |
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Method |
Through capitalizing SAR 12.5 mln from retained earnings |
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Reasons |
Implementing the company's future plans. As much as 10% of the company's post-increase capital will be allocated as treasury shares, to be used for the following purposes:
- Swapping for the acquisition of new shares or stakes, or the purchase of assets.
- Allocation to the company's employee stock program.
- Fulfilling the rights of holders of debt or financing instruments convertible into shares in accordance with the terms and provisions of these instruments.
- Any other purpose that the company deems to serve its interests. |
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Record Date |
Shareholders of record and those registered with Edaa on the second trading day following the record date. |
Fractional shares, if any, will be compiled into one portfolio for all shareholders and will be offered at the market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum.
The decision is conditional on approvals from competent authorities and the deciding extraordinary general meeting (EGM), the statement added.
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