Logo of Edarat Communications and Information Technology Co. (Edarat)
The board of directors of Edarat Communications and Information Technology Co. (Edarat) recommended a capital increase by 100% to SAR 12.6 million, through a one-for-one bonus share distribution, which will be financed from capitalizing part of statutory reserve and retained earnings.
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Capital Increase Details |
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Current Capital |
SAR 6.30 mln |
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Number of Shares |
630,000 |
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Percentage of Increase |
100% |
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Method |
One-for-one bonus share distribution, to be financed from capitalizing part of statutory reserve and retained earnings. |
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New Capital |
SAR 12.60 mln |
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Number of Shares |
1.26 mln |
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Reason |
To support and strengthen the company's capital and future activities, which will contribute to achieving good growth rates in the coming years. |
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Record Date |
Shareholders of record and registered with Edaa by the end of second trading day after record date |
The capital increase and the bonus share distribution are subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).
Fractional bonus shares, if any, will be accumulated into one investment portfolio. They will be sold at market price within 30 days, on a pro-rata basis, from the date of determining the allocation of new shares for each shareholder, it noted.
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