Logo of Arabian Contracting Services Co. (AlArabia)
Arabian Contracting Services Co. (AlArabia) extraordinary general meeting (EGM) recommended increasing capital by 10% via a 1:10 bonus issue, to be financed through capitalizing SAR 50 million from retained earnings, according to a statement to Tadawul today, May 30.
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Capital Increase Details |
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Current Capital |
SAR 500 mln |
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Current Number of Shares |
50 mln |
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Capital Increase (%) |
10% (1:10 bonus issue) |
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New Capital |
SAR 550 mln |
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New Number of Shares |
55 mln |
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Method |
Through capitalizing SAR 50 mln from retained earnings |
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Reason |
To align with the company's business and assets, while also supporting future growth and expansions |
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Eligibility |
Shareholders of record by the end of trading on the EGM date (to be determined later), and those registered with the Securities Depository Center Co. (Edaa) on the second trading day after the record date |
Fractional shares, if any, will be compiled in one portfolio for all shareholders and will be offered at the market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum.
The capital increase is subject to the approval of the competent authorities and the company's EGM.
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