Alkhorayef Water board recommends 40% capital hike via bonus issue

Logo of Alkhorayef Water and Power Technologies Co.(AWPT)

Alkhorayef Water and Power Technologies Co.’s board of directors recommended increasing the company’s capital by 40% to SAR 350 million via a 1-for-2.5 bonus-share distribution, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital 

SAR 250 mln 

Number of Shares 

25 mln 

Percentage of Increase 

40% 

Method 

Distribution of bonus shares at one share for every 2.5 shares owned, which will be financed by capitalization of SAR 100 million from retained earnings 

New Capital 

SAR 350 mln 

Number of Shares 

35 mln 

Reason 

To support the company's capital base in line with strategic growth objectives and expand activities in the Kingdom as a whole and the water and wastewater sector in particular. 

Record Date 

Shareholders at the end of trading on the day of the company’s EGM, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM 
 

Fractional shares, if any, will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the eligible shareholders, on a pro rata basis, within a period not exceeding 30 days from the date of determining the shares due to each shareholder, according to the company's statement.

 

The capital increase is subject to the approval of the competent authorities as well as the company's EGM.

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