Saudi Company for Hardware’s (SACO) shareholders approved a 50 percent capital hike to SAR 360 million from SAR 240 million through the issuance of one bonus share for every two shares held, the company said in a statement to Tadawul on Tuesday.
The company will recapitalize SAR 62.3 million from its statutory reserve and SAR 57.7 million from retained earnings to fund the capital increase.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 240 mln |
|
Number of shares |
24 mln shares |
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Hike (%) |
50% (1-for-2 bonus shares) |
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New Capital |
SAR 360 mln |
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Number of shares after increase |
36 mln shares |
|
Record date |
The second trading day after the general assembly meeting |
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Driver |
Boost the company’s capital to go in line with total assets |
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