Al-Babtain board recommends 50% capital hike via bonus issue

Logo of Al-Babtain Power and Telecommunication Co.

Al-Babtain Power and Telecommunication Co.’s board of directors recommended today, June 15, increasing the company’s capital by 50% through a one-for-two bonus share distribution, through capitalizing SAR 213.2 million from retained earnings.

 

Capital Increase Details

Current Capital

SAR 426.31 mln

Number of Shares

42.63 mln

Percentage Increase

50%

Method

Via a one-for-two bonus issue by capitalizing SAR 213.2 mln from retained earnings

New Capital

SAR 639.47 mln

Number of Shares

63.95 mln

Reason

As part of the company’s plan to align the capital base with its future vision for growth and expansion, besides investing in the many available opportunities

Record Date

 

Shareholders of record by the end of trading on the day of the company’s extraordinary general assembly (EGM), and those registered with Edaa by the end of the second trading day following the EGM

 

Fractional shares, if any, will be collected into one investment portfolio to be sold at market price. The value of the sold portfolio will be distributed to eligible shareholders pro rata within 30 days of the date of the new shares' allocation.

 

The capital increase and number of shares allotted in the bonus issue are subject to the approval of the competent authorities as well as Al-Babtain's EGM.

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