Munawla OKs 100% capital hike via bonus issue

24/10/2024 Argaam
Logo ofMunawla Cargo Co.

Logo of Munawla Cargo Co.

Munawla Cargo Co.’s shareholders approved the board’s recommendation to increase capital via a 100% bonus issue. This will be through capitalizing SAR 10 million from the retained earnings balance.

 

The approval came during the extraordinary general meeting (EGM) held on Oct. 23, according to a statement to Tadawul.

 

Capital Increase details

Current Capital

SAR 10 mln

No. of Shares

1 mln

Percentage of Capital

100%

Method

One bonus share for every existing share by capitalizing SAR 10 mln from the retained earnings balance

New Capital

SAR 20 mln

Number of Shares

2 mln 

Reasons

To enhance strategic growth, fulfill expansion needs, and boost solvency as well as the financial position.

 

Fractional shares, if any, will be compiled in one portfolio to all shareholders and will be sold at market price, with proceeds distributed pro rata within 30 days.

 

In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limits for Munawla Cargo shares will be based on a share price of SAR 74.60, and the outstanding orders will be canceled. 
 
Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Oct. 28.

 

For more news on listed companies

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