iOud recommends 20% capital hike via bonus issue

Logo of Intelligent Oud Company for Trading (iOud)

Intelligent Oud Company for Trading’s (iOud) board of directors recommended a 20% capital increase through distributing bonus shares.

The capital increase will be funded by capitalizing SAR 3.25 million from retained earnings, with each shareholder receiving a bonus share for every five shares held, according to a statement to Tadawul.

Any fractional shares will be combined into a single portfolio for all shareholders and sold at market price.

The proceeds will then be distributed to eligible shareholders, each according to their respective ownership, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.

The offering is conditional upon approvals from the official authorities and the extraordinary general meeting (EGM) for the capital hike and the number of shares granted, the statement added.