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Watani Iron Steel Co.’s (Watani Steel) shareholders will vote on increasing the company’s capital by 50% through a one-for-two bonus share distribution during the extraordinary general meeting (EGM) scheduled for June 6, as shown below:
|
Capital Increase Details |
|
|
Current Capital |
SAR 121.10 mln |
|
Number of Shares |
12.11 mln |
|
Percentage of Increase |
50% |
|
Method |
Distribution of one bonus share for every two shares held through capitalization of SAR 60.55 mln of retained earnings |
|
New Capital |
SAR 181.65 mln |
|
Number of Shares |
18.17 mln |
|
Reason |
Enhancing the company’s strategic growth plan and reinforcing its financial position and solvency |
|
Record Date |
June 6, 2023 (Shareholders registered with the Securities Depository Center Co. at the end of the second trading day following the record date) |
Shareholders will also vote on electing board members from the nominated candidates for the upcoming term, the company said in a statement to Tadawul.
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