Almarai Co.’s board of directors has recommended a capital increase through the issue of bonus shares of 25 percent of its capital.
Capital will be hiked from SAR 8 billion (800 million shares) to SAR 10 billion (1 billion shares), through issuing 1 bonus shares for each four outstanding shares, the company said in a statement to Saudi bourse, Tadawul.
The objective of this proposed share capital increase is to adjust the company’s share capital to its assets level.
The capital increase would be funded by capitalization of SAR 2 billion of the retained earnings.
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Capital Hike Details |
|
|
Current capital |
SAR 8 bln |
|
Number of shares |
800 mln |
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Percentage |
25 percent (1-for-4 bonus shares) |
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Capital after increase |
SAR 10 bln |
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Shares after increase |
1 bln |
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Record date |
General assembly meeting |
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Aim |
To adjust the company's capital to its assets level |
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