Shaker shareholders approve 15% capital hike via bonus issue

20/05/2024 Argaam
Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Al Hassan Ghazi Ibrahim Shaker Co.’s shareholders approved a 15% capital increase via a 1-for-6.6 bonus share distribution, during the extraordinary general meeting (EGM) held on May 19, according to a statement to Tadawul.

 

Capital Increase Details

Capital

SAR 482.33 mln

Number of Shares

48.23 mln

Percentage of Increase

15.06% (1-for-6.64)

New Capital

SAR 555 mln

Number of Shares

55 mln

Method

Capitalizing SAR 72.67 million from statutory reserve

Reasons

To support the financial position as well as future expansion plans 

Record Date

May 19, 2024, shareholders of record and those registered with Edaa on the second trading day following the record date
 

Shareholders also endorsed transferring SAR 71.68 million from the statutory reserve, amounting to SAR 144.38 million as in the financial statements for the year ended Dec. 31, 2023, to the retained earnings balance. They also approved delegating the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2024.

 

Shareholders also endorsed transferring SAR 71.68 million from the statutory reserve amounting to SAR 144.38 million, as on the financial statements for the year ending 31 December 2023, to the retained earnings balance. They further approved delegating the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2024.
 
During the meeting, shareholders approved amending Article 3 of the Articles of Association related to the company's purposes and disapproved to discharge board members from liability for 2023. They also disapproved the business contracts, in which Abdulelah Abunayyan is an indirect party, and that comprised a SAR 24,840, one-year maintenance contract for the air conditioners of Lafana Holding Co.
 

The Saudi Exchange (Tadawul) announced that fluctuation limits on the stock will be based on a share price of SAR 27.20 today, May 20, and the outstanding orders will be canceled.

 

Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investor portfolios on May 22.

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