Logo of National Building and Marketing Co. (NBM)
National Building and Marketing Co.’s (NBM) board of directors recommended, on Oct. 19, a 125% capital increase to SAR 270 million from SAR 120 million.
The company will distribute 15 million bonus shares at 1.25-for-1 through capitalizing SAR 150 million from retained earnings and the statutory reserve, to strengthen its balance sheet, NBM said in a statement to Tadawul.
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Capital Increase Highlights |
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Current Capital |
SAR 120 mln |
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Number of Shares |
12 mln |
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Capital Increase (%) |
125% (1.25 share for every 1 share held through capitalizing SAR 150 mln from retained earnings and the statutory reserve) |
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Post-Increase Capital |
SAR 270 mln |
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Post-Increase Shares |
27 mln |
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Reason |
To bolster the company's capital base and future activities, to achieve better growth and diversify its investments in the coming years |
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Record Date |
Shareholders registered with Edaa by the end of the second trading day after the record date |
Fractional shares, if any, will be collected in one portfolio for all shareholders and sold at market price. Proceeds will be distributed to eligible shareholders pro rata within 30 days.
The capital increase is subject to the approval of the competent authorities, as well as the extraordinary general meeting (EGM), the company concluded.
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