Qomel’s board proposes 100% capital raise via bonus issue

Qomel’s board proposes capital raise via bonus issue

Logo of Qomel Co.

Qomel Co. board of directors recommended on Sept. 10, a 100% capital increase through capitalizing SAR 32.6 million from share premium account and SAR 2.4 million from retained earnings.

According to a statement to Tadawul, the capital hike will be through granting one share for every existing one share owned.

Details
Current Capital	SAR 35 mln
Number of Shares	3.5 mln
Percentage of Increase	100% (one share for every existing one share)
Method	Granting one share for every existing one share, capitalizing SAR 32.6 million from share premium account and SAR 2.4 million from retained earnings.
New Capital	SAR 70 mln
Number of Shares	7 mln
Reasons	Enhancing the strategic growth plan, future expansion needs, and aspirations, and emphasizing its financial solvency and the strength of its financial position
Record Date	Shareholders of record and those registered with Edaa on the second day following the general meeting date, which will be determined later

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.

The capital hike is subject to the approval of the competent authorities and the extraordinary general meeting (EGM).

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