Academy of Learning to raise capital via 50% bonus issue

Logo of Academy of Learning (AOL) 

Shareholders of Academy of Learning (AOL) approved raising the company’s capital by a 50% bonus issue (1-for-2) through capitalizing SAR 30 million from retained earnings, during the extraordinary general meeting (EGM) held on June 25.

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Fractional shares, if any, will be compiled in one portfolio, and will be sold at market price with proceeds to be distributed pro rata among eligible shareholders within 30 days, AOL said in a statement to Tadawul.

The shareholders approved transferring SAR 6.63 million statutory reserve as of Dec. 31, 2023, to the retained earnings account.

The board was also authorized to distribute interim dividends on a semi-annual or quarterly basis for 2024.

In a separate statement, the Saudi Exchange (Tadawul) announced that fluctuation limits will be based on a stock price of SAR 8.13 today, June 26.  All outstanding orders will be cancelled.

Edaa will add the bonus shares to shareholder portfolios before the start of trade on June 30.