Sumou Real Estate Co.'s board of directors recommended today, Feb 28, 2021, increasing capital from SAR 250 million to SAR 375 million, through the issue of one bonus share for every two shares held.
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Details of Capital Increase |
|
|
Current Capital |
SAR 250 mln |
|
Number of shares |
25 mln |
|
Capital hike |
50 % (1 share for every 2 shares held) |
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Capital after increase |
SAR 375 mln |
|
Number of shares after increase |
37.5 mln |
|
Record date |
Shareholders owning the shares on record date in the register of shareholders at Edaa by the end of second trading day after record date |
|
Objective of capital hike |
Support the company's financial position and meet future expansion requirements. |
In case of stock fractions, the fractions will be collected in one portfolio for all shareholders and sold at the market price. 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, the company said in a bourse filing.
The capital increase is subject to the approval of the competent authorities, as well as the company's extraordinary general meeting (EGM).
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