Tadawul deposits Aldrees bonus shares into investor portfolios

Aldrees Petroleum and Transport Services Co.’s bonus shares have been deposited into investor portfolios, following shareholders’ approval of a 25 percent capital hike, the Saudi Stock Exchange (Tadawul) said in a statement on Monday.

The fluctuation limit will be based on a share price of SAR 29.7.

Aldrees’s extraordinary general assembly meeting approved on Sunday raising the company’s capital from SAR 400 million to SAR 500 million, by issuing one bonus share for every four existing shares owned by registered shareholders.

The petroleum retailer will capitalize SAR 100 million of retained earnings in order to facilitate the increase. 

The number of shares will be increased from 40 million to 50 million, Aldrees said.