CMA approves SAIC’s 15.7% capital raise

08/12/2014 Argaam

The CMA Board approved Saudi Advanced Industries Company’s (SAIC) request to increase its capital from SAR 432.0mn to SAR 500.0mn.
 

The capital raise will take place through issuing one bonus share for every (6.35) existing shares owned by registered shareholders on the day of the extraordinary general assembly.


Such increase will be financed by capitalizing SAR 68.0mn from the “Premium Reserve” account, consequently, increasing the Company's outstanding shares from 43.2mn shares to 50.0mn shares, by an increase of 6.8mn shares.


The bonus shares eligibility is limited to the shareholders who are registered in the shareholders registry at the close of trading on the day of the extraordinary general assembly, which will be determined later by the Company's board. 

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