Sumou Real Estate shareholders approve capital hike to SAR 375 mln through 50% bonus shares

Sumou Real Estate Co.'s shareholders approved increasing capital from SAR 250 million to SAR 375 million, through the issue of one bonus share for every two shares held, during the extraordinary general assembly meeting (EGM) held on May 5, 2021.

The capital hike will be financed through converting an amount of SAR 125 million from retained earnings account to capital, the company said I a bourse filing on Thursday.

In a separate statement, Tadawul Group announced the fluctuation limits for Sumou Real Estate on a share price of SAR 75.30 and said that the outstanding orders will be canceled.

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Monday, May 10.

Meanwhile, the company, in its bourse statement, said that shareholders approved authorizing the board of directors to distribute interim dividend for 2021 on a semi-annual or quarterly basis.