National Building and Marketing Co.’s board of directors recommended a 100% capital hike to SAR 120 million from SAR 60 million through issuance of one bonus share for every one share held.
The capital hike aims to boost and strengthen the company’s capital base and future activities which contributes to achieving good growth rates and investment diversification during the upcoming years, the company said in a bourse statement.
Fractional shares, if any, will be accumulated in one portfolio for all shareholders and sold at the market price, with their value distributed to the shareholders eligible to receive the bonus shares according to their stakes within a period not exceeding 30 days from the date of determining the new shares due for each shareholder.
The process is pending approval from the general assembly and regulator.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 60 mln |
|
Number of shares |
6 mln |
|
Hike (%) |
100% (1 share for every 1 share) |
|
New Capital |
SAR 120 mln |
|
New number of shares |
12 mln |
|
Record date |
The second day following record date |
|
Purpose |
To boost and strengthen the company’s capital base and future activities which contributes to achieving good growth rates and investment diversification during the upcoming years |
|
Method |
Capitalizing SAR 60 mln from retained earnings account |
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