Logo of Thob Al Aseel Co.
Thob Al Aseel Co.'s shareholders will vote on increasing the company's capital by 33.33%, during the extraordinary general meeting (EGM) scheduled on Oct. 21, according to a bourse filing.
The capital increase aims to strengthen the company’s capital base to match the size of its business, expansion of its activities in the coming years, and maintain financial solvency.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 300 mln |
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Number of Shares |
30 mln |
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Hike (%) |
33.33% (one share for every three shares held) |
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New Capital |
SAR 400 mln |
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New Number of Shares |
40 mln |
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Driver |
Strengthening the company's capital to match the size of its business and future plans |
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Method of Increase |
Capitalizing SAR 100 million from retained earnings and other reserves |
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Due Date |
Shareholders registered in the company’s register with Edaa at the end of the second trading day following the EGM date |
Shareholders will also vote on the formation of the audit committee and define its duties, work regulations and member remuneration for the upcoming term, starting from the EGM date and ending on Sept. 3, 2024.
The candidates are Ibrahim Abdullah Alsultan and Saad Ibrahim Al-Mshouh as members from outside the board and Tariq Saad Al-Tuwaijiri as an independent member.
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