Bena Steel Industries’ board recommends 20% capital hike via bonus issue

Bena Steel Industries Co. headquarters

Bena Steel Industries Co.’s board of directors recommended increasing capital by 20% via a 1-for-5 bonus issue, according to a statement to Tadawul today, Nov. 29.

 

Capital Increase Details

Current Capital

SAR 50 mln

Current Number of Shares

5 mln

Percentage Increase

20% (one bonus share for every five shares held)

Method

Capitalizing SAR 10 mln from retained earnings

New Capital

SAR 60 mln

New Number of Shares

6 mln

Reason

Support and strengthen the company's capital base and future activities, contributing to enhancing its strategy for growth and expansion both in the Kingdom in general and in the industrial sector specifically

Eligibility

Shareholders of record and those registered with Edaa by the close of the second trading day following the record date 

 

Fractional shares, if any, will be collected into a single portfolio to be sold at market price within 30 days maximum, on a pro-rata basis, from the date of determining the allocation of new shares for each shareholder, the statement added.

 

The capital increase is subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).

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