Logo of Ash-Sharqiyah Development Co.
Ash-Sharqiyah Development Co.’s shareholders approved a 300% capital increase through rights issue at a value of SAR 225 million, during the extraordinary general meeting (EGM) held on May 7, as shown below:
|
Capital Increase Details |
|
|
Capital before increase |
SAR 75 mln |
|
Number of shares before increase |
7.5 mln |
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Capital increase percentage |
300% |
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Capital after increase |
SAR 300 mln |
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Number of shares after increase |
30 mln |
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Reason for increase |
To execute the company's operational projects, which are based on animal and plant projects |
|
Method of increase |
Issuance of three shares for each held share |
|
Record date |
Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second day following the EGM date |
In a separate statement, the Saudi Exchange (Tadawul) pointed out that the company’s share fluctuation rate will be calculated based on the price of SAR 21.76 for today, May 8, indicating that any outstanding orders will be cancelled.
The company’s priority rights will be deposited into investors’ portfolios by May 10, the statement added.
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