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AMAK shareholders to vote on capital raise via bonus issue on Aug. 1
AI Summary
Shareholders of Almasane Alkobra Mining Co. (AMAK) will vote on increasing capital by 36.36% via a 1-for-2.75 bonus-share distribution during the extraordinary general meeting (EGM) scheduled for Aug. 1, according to a statement to Tadawul.
|
Details of Capital Increase |
|
|
Current capital |
SAR 660 mln |
|
Number of shares |
66 mln |
|
Percentage of increase |
36.36% (one share for every 2.75 shares held) |
|
New capital after increase |
SAR 900 mln |
|
Number of shares |
90 mln |
|
Method |
Capitalization of SAR 240 million from the SAR 508.6 million share premium. |
|
Reason |
To support the company's financial position, in order to achieve its strategy to expand and grow by seizing opportunities to invest in the mining sector. |
|
Eligibility |
Aug. 1 (Shareholders of record with Edaa by the close of the second trading day following the EGM). |
Fractional shares, if any, will be collected in one portfolio for all the shareholders and sold at market price.
Proceeds from the sale of fractional shares will be distributed among eligible shareholders within a period not exceeding 30 days from the date of determining the shares eligible for each shareholder, AMAK added.
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