Al Kathiri shareholders to vote on 25% capital hike on June 23

Al Kathiri Holding Co.’s shareholders will vote on capital increase from SAR 90.42 million to SAR 113.02 million, during the extraordinary general assembly meeting scheduled for June 23, 2021, according to a bourse filing.

The capital will be raised through the distribution of one bonus share for every four shares held and the transfer of SAR 22.6 million from retained earnings to the company's capital. Accordingly, the company's outstanding shares will be increased from 9.04 million to 11.3 million, an increase of 2.26 million shares.

The shareholders registered at the Securities Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company's board, are eligible for the capital hike.

The shareholders registered in Tadawulaty can vote on the agenda items, as of June 19, the company added.

Al Kathiri’s board of directors recommended, on March 8, 2021, a 25% capital hike to SAR 113.02 million from SAR 90.42 million through the issuance of bonus shares at 25%, Argaam reported.

The capital hike aims to support the financial position of the company and its future expansions.

Shareholders will also approve the board and auditor's reports, and financial statements for 2020.