Logo of Saudi Ceramic Co.(Saudi Ceramics)
Saudi Ceramic Co.’s (Saudi Ceramics) board of directors recommended during its meeting on March 23, a 25% capital increase through distributing bonus shares, capitalizing SAR 200 million from the retained earnings, as shown in the following table:
|
Capital Hike Details |
|
|
Current Capital |
SAR 800 mln |
|
Current Number of Shares |
80 mln |
|
Percentage of Increase |
25% |
|
Method |
1-for-4 bonus share distribution, via capitalizing SAR 200 million from the retained earnings |
|
New Capital |
SAR 1 bln |
|
New Number of Shares |
100 mln |
|
Reason |
To match the growth of the company’s business and assets, and to support its future expansions |
|
Record Date |
For shareholders, at the record date, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the record date. |
In a statement to Tadawul, the company clarified that any fractional shares will be combined into a single portfolio for all shareholders and sold at market price.
The proceeds will then be distributed to eligible shareholders, each according to their respective ownership, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.
Saudi Ceramics noted that the offering is conditional upon obtaining approval from the official authorities and the extraordinary general meeting (EGM) for capital hike and the number of shares granted.
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