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Alandalus shareholders approve 33.33% capital hike via bonus shares
AI Summary
Alandalus Property Co.'s headquarters
Alandalus Property Co.’s shareholders approved the board of directors’ recommendation to increase capital by 33.33% during the extraordinary general meeting (EGM), held on Aug. 25, according to a bourse filing.
Capital will increase to SAR 933.33 million from SAR 700 million via one-for-three bonus share distribution.
|
Details of Capital Increase |
|
|
Current capital |
SAR 700 mln |
|
Number of shares |
70 mln |
|
Percentage of increase |
33.33% (one share for every three shares held) |
|
Capital after increase |
SAR 933.33 mln |
|
Number of shares after increase |
93.33 mln |
|
Due date |
Aug. 25, 2021 (Shareholders of record at the end of the second trading day following the EGM date) |
|
Reason for increase |
To strengthen the company’s capital base and business activities |
|
Method of increase |
Capitalization of SAR 233.33 mln from statutory reserve and retained earnings |
Shareholders also approved amending Articles No. 7 and 8 of the company's bylaws, related to capital and subscribing to shares, respectively.
Meanwhile, the Saudi Exchange (Tadawul) announced today, Aug. 26, that the fluctuation limits of Alandalus will be based on a share price of SAR 22.16, and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center Co. (Edaa) will deposit the bonus shares into investor portfolios by Aug. 30.
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