Al-Babtain to deposit proceeds from fractional shares sale

Al-Babtain Power and Telecommunication Co. concluded on Oct. 5 the sale of the fractional shares resulting from the company’s bonus issue, which was approved by the extraordinary general assembly meeting (EGM) on Sept. 28.

The company sold 7,106 shares at an average price of SAR 18.42 apiece for the total of SAR 130,892.

Proceeds of the sale to be deposited into eligible investors accounts as of tomorrow, Oct. 26, 2023, the company said in a statement to Tadawul.

Last September, the company's shareholders approved the board’s recommendation to increase capital via a bonus share distribution at 1-for-2, according to data compiled by Argaam.