Riyadh Steel OGM to vote on 40% bonus issue to raise capital on June 30

09/06/2024 Argaam
Logo ofRiyadh Steel Co.

Logo of Riyadh Steel Co.

Shareholders of Riyadh Steel Co. will vote on the board’s proposal for a 40% capital hike through a 4-for-10 bonus issue by capitalizing SAR 20 million during the ordinary general meeting scheduled for June 30.

 

Capital Increase Details 

Current Capital 

SAR 50 mln 

Number of Shares 

5 mln 

Increase Percentage  

40%  

Method 

Four bonus shares for every 10 shares held, via capitalizing SAR 20 mln from retained earnings 

New Capital 

SAR 70 mln 

New Number of Shares 

7 mln 

Reason 

To boost the financial position and support future growth plans 

Record Date 

Shareholders of record and those registered with Edaa on the second trading day following the record date  

In a statement to Tadawul, the steel maker said that shareholders will also discuss authorizing the board to distribute semi-annual or quarterly dividend for 2024 and Q1 2025.

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