Logo of Makkah Construction Development Co.
The board of Makkah Construction and Development Co. recommended, on Oct. 31, increasing the company’s capital by 21.35% through a bonus share distribution. The board proposed capitalizing SAR 351.8 million from retained earnings by granting one bonus share for every 4.684 shares held, the company said in a statement to Tadawul.
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Capital Hike Details |
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Capital |
SAR 1.64 bln |
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Number of Shares |
164.82 mln |
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Hike Percentage |
21.35% (1-for-4.6844 shares) |
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New Capital |
SAR 2 bln |
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New Number of Shares |
200 mln |
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Method |
Capitalizing SAR 351.84 million from retained earnings |
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Reasons |
To aggrandize shareholders’ returns in line with the future aspirations and achieve higher value in the long term by investing in available opportunities. |
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Record Date |
Shareholders registered with Edaa by the close of trading on the second day following the record date |
In case there are fractional shares, they will be collected in a single portfolio for all shareholders to be sold at market price. Their value will be distributed among the eligible shareholders, on a pro rata basis, within 30 days maximum from the date of determining the new shares eligible for each shareholder, according to the company's statement.
The bonus issue is subject to regulatory and shareholders’ approvals.
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