Amlak plans capital hike to SAR 1.02B, 12.5% bonus issue

Logo of Amlak International Finance Co.

Amlak International Finance Co.’s board of directors recommended increasing the company’s capital from SAR 906 million to SAR 1.019 billion through a 1-for-8 bonus-share distribution, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 906 mln

Number of Shares

90.6 mln shares

Capital increase (%)

12.5% (one share for every eight shares held)

New Capital

SAR 1.019 bln

Number of Shares after Increase

101.93 mln shares

Record Date

Shareholders of record at the end of trading on the day of the company’s extraordinary general assembly (EGM), and those registered with Edaa at the end of the second trading day following the EGM

Reason

To support the company's expansion operations and enhance its solvency and growth, in line with the company's strategy after obtaining a license to practice new financing activities.

Method

Capitalizing SAR 101.93 million statutory reserve, and a portion of retained earnings at an amount of SAR 11.32 million, bringing the total increase to SAR 113.25 million.
 

In the event that there are stock fractions, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the eligible shareholders, on a pro rata basis, within a period not exceeding 30 days from the date of determining the shares due to each shareholder, according to the company's statement.

 

The bonus issue is conditional on the approval of the regulatory authorities and the EGM on the increase and bonus issue. The company has obtianed a no-objection from the Saudi Central Bank (SAMA) to increase its capital.

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