Thob Al Aseel Co.’s board of directors has recommended a 100 percent capital hike to SAR 300 million from SAR 150 million, through the issue of one bonus share for every one share held.
The capital hike, which will be financed from retained earnings, aims to support the company's capital base in order to contribute to future expansions and maintaining solvency margin.
The process is pending approval from the general assembly and regulator.
Shareholders of record at the company’s next extraordinary general assembly, and those registered at the Securities and Depository Center two trading days after this date, will be eligible for the capital increase.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 150 mln |
|
Number of shares |
15 mln shares |
|
Hike (%) |
100% (1 for every 1 shares) |
|
New Capital |
SAR 300 mln |
|
New number of shares |
30 mln shares |
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Method |
Bonus shares |
|
Driver |
Increasing capital base, supporting expansion plans and solvency margin. |
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