Bena Steel Industries Co. headquarters
Bena Steel Industries Co.’s board of directors recommended increasing capital by 20% via a 1-for-5 bonus issue, according to a statement to Tadawul today, Nov. 29.
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Capital Increase Details |
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Current Capital |
SAR 50 mln |
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Current Number of Shares |
5 mln |
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Percentage Increase |
20% (one bonus share for every five shares held) |
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Method |
Capitalizing SAR 10 mln from retained earnings |
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New Capital |
SAR 60 mln |
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New Number of Shares |
6 mln |
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Reason |
Support and strengthen the company's capital base and future activities, contributing to enhancing its strategy for growth and expansion both in the Kingdom in general and in the industrial sector specifically |
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Eligibility |
Shareholders of record and those registered with Edaa by the close of the second trading day following the record date |
Fractional shares, if any, will be collected into a single portfolio to be sold at market price within 30 days maximum, on a pro-rata basis, from the date of determining the allocation of new shares for each shareholder, the statement added.
The capital increase is subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).
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