BATIC Investment & Logistics Co.’s board of directors has recommended a 25 percent capital hike to SAR 300 million from SAR 240 million, through the issue of one bonus share for every four shares held.
The capital hike, which will be financed from retained earnings, aims to match the company’s capital to its assets and support its future expansion plans, the company said in a bourse statement.
The process is pending approval from the general assembly and authorities.
BATIC raised its capital in 2016 by 33 percent to SAR 240 million from SAR 180 million, according to data compiled by Argaam.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 240 mln |
|
Number of shares |
24 mln shares |
|
Hike (%) |
25% (1 for every 4 shares) |
|
New Capital |
SAR 300 mln |
|
New number of shares |
30 mln shares |
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Purpose |
Matching capital to assets and supporting future expansion plans |
|
Eligibility date |
General assembly meeting |
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