Logo of Edarat Communication and Information Technology Co.
Edarat Communication and Information Technology Co.’s board of directors approved today, Dec. 13, raising the company’s capital by 100% through a 1-for-1 bonus issue, according to a statement to Tadawul.
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Capital Increase Highlights |
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Current capital |
SAR 12.6 mln |
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Number of shares |
1.26 mln |
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Percentage increase |
100% (1-for-1 bonus issue) |
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New capital |
SAR 25.2 mln |
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New number of shares |
2.52 mln |
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Method |
Capitalizing SAR 12.6 mln from retained earnings |
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Reason |
To boost the company's capital base and future activities and support strong growth in the coming years, in line with its ongoing policy |
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Record date |
Shareholders of record at the close of the EGM date, to be determined later, and those registered with Edaa by the end of the second trading day post-EGM |
In case there are fractional shares, they will be collected in one portfolio for all shareholders and sold at market price. Their value will be distributed among the eligible shareholders, on a pro rata basis, within 30 days maximum from the date of determining the new shares eligible for each shareholder.
The bonus share distribution is subject to the approval of the competent authorities and the company’s EGM, Edarat added.
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