Rasan recommends capital hike, allocates 1.71M shares for employee stock program

Logo of Rasan Information Technology Co.

Rasan Information Technology Co.'s board of directors recommended during an extraordinary general meeting (EGM) held on Oct. 6 increasing the company's capital from SAR 75.8 million to SAR 77.51 million by capitalizing part of the retained earnings.

 

The increase will be achieved through the issuance of 1.71 million ordinary shares to be allocated for the employee stock program (long-term incentive plan), according to a statement to Tadawul.

 

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The recommendation is subject to the approval of the EGM, the date of which will be announced later after obtaining the necessary regulatory approvals.

 

Capital Increase Details 

Current Capital 

SAR 75.80 mln 

Number of Shares 

75.80 mln 

Nominal Value  

SAR 1  

Increase Percentage  

2.25%  

Method 

Capitalizing port of the retained earnings by issuing 1.71 million shares

New Capital 

SAR 77.51 mln 

New Number of Shares 

77.51 mln 

Reason 

To be allocated for the employee stock program (long-term incentive plan). 

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