Al Arabia EGM to vote on 10% capital increase on Dec. 23

02/12/2024 Argaam
Logo ofArabian Contracting Co. (Al Arabia)

Logo of Arabian Contracting Co. (Al Arabia) 

Arabian Contracting Services Co.'s (AlArabia) shareholders are set to vote on increasing capital by 10% via a 1:10 bonus issue, during the extraordinary general meeting (EGM) that will be held on Dec. 23.

 

The capital hike will be financed through capitalizing SAR 50 million from retained earnings, the company said in a Tadawul statement.  

 

Capital Increase Details

Current Capital

SAR 500 mln

Current Number of Shares

50 mln

Capital Increase (%)

10% (1:10 bonus issue)

New Capital

SAR 550 mln

New Number of Shares

55 mln

Method

Through capitalizing SAR 50 mln from retained earnings

Reason

To align with the company's business and assets, while also supporting future growth and expansions

Eligibility

Shareholders of record by the close of trading on Dec. 23, 2024 and those registered with Edaa by the end of the second trading day after the record date

 

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