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