Logo of Sumou Real Estate Co.
The Capital Market Authority (CMA) approved a request from Sumou Real Estate Co. to raise its capital to SAR 375 million from SAR 250 million through the issue of one bonus share for every two shares held, the market regulator said in a statement today, April 8, 2021.
Accordingly, the number of outstanding shares will be raised from 25 million to 37.5 million.
Shareholders of record at the Security Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company, are eligible for this increase.
The capital increase will be financed by transferring SAR 125 million from retained earnings.
The extraordinary general assembly shall be held within six months from the CMA’s approval date, the statement added.
Sumou Real Estate’s board of directors recommended on Feb 28, 2021, increasing capital from SAR 250 million to SAR 375 million, through the issuance of bonus shares.
|
Details of Capital Increase |
|
|
Current Capital |
SAR 250 mln |
|
Number of shares |
25 mln |
|
Capital hike |
50 % (1 share for every 2 shares held) |
|
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. |
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