Logo of WSM for Information Technology Co.
WSM for Information Technology Co.’s board of directors recommended on Feb. 9 a capital increase by 10%, according to a statement to Tadawul.
This increase will be financed from the company’s retained earnings and allocated to the employee shares program, the statement added.
|
Capital Increase Details |
|
|
Current Capital |
SAR 19.50 mln |
|
Number of Shares |
1.95 mln |
|
New Capital |
SAR 21.45 mln |
|
Number of Shares |
2.145 mln |
|
Percentage of Increase |
10% |
|
Purpose |
To set up employee shares program |
|
Method |
Through capitalizing SAR 1.95 million from the retained earnings by issuing 195,000 new shares. |
The capital increase will be allocated to the employee stock ownership plan (ESOP) to enhance employee loyalty. This program also aims to attract top talents and achieve solid growth rates in line with the company's expansion strategy.
The capital increase is subject to the necessary approvals from regulatory authorities and the company's shareholders.
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