Logo of Mohammed Hassan Al Naqool Sons Co.
Mohammed Hasan Al Naqool Sons Co.'s board of directors, in a meeting held today, Nov. 9, changed its recommendation to the extraordinary general meeting (EGM) on raising capital through SAR 58 million rights issue, instead of bonus share distribution.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 29 mln |
|
Number of Shares |
2.9 mln |
|
Hike (%) |
200% |
|
New Capital |
SAR 87 mln |
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New Number of Shares |
8.7 mln |
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Method of Increase |
Offering rights issue worth SAR 58 million |
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Record date |
shareholders owning the shares on the day of the extraordinary general assembly that will decide to increase the capital by offering rights issue shares and who are registered in the shareholder register at the Securities Depository Center at the end of the second trading day following EGM date. |
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Driver |
To enable the company to implement its strategic and operational plans and support its future expansions. |
The capital increase is pending the approval of relevant official authorities and the company's EGM.
The company will announce later the appointment of a financial to manage the subscription to the rights issue.
An announcement will also be made when the capital increase request file is submitted to the Capital Market Authority (CMA) or when there are any future developments in this regard, it added.
The company announced on Aug. 25 that its board recommended a 50% capital hike to SAR 43.5 million from SAR 29 million through capitalizing SAR 14.5 million from retained earnings and part of the statutory reserve by distributing one-for-two bonus shares.
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