Thob Al Aseel recommends 100% capital hike

28/02/2018 Argaam

Thob Al Aseel Co.’s board of directors has recommended a 100 percent capital hike to SAR 300 million from SAR 150 million, through the issue of one bonus share for every one share held.

 

The capital hike, which will be financed from retained earnings, aims to support the company's capital base in order to contribute to future expansions and maintaining solvency margin. 

 

The process is pending approval from the general assembly and regulator.

 

Shareholders of record at the company’s next extraordinary general assembly, and those registered at the Securities and Depository Center two trading days after this date, will be eligible for the capital increase.

 

Key Figures of the Capital Hike

Current Capital

SAR 150 mln

Number of shares

15 mln shares

Hike (%)

100% (1 for every 1 shares)

New Capital

SAR 300 mln

New number of shares

30 mln shares

Method

Bonus shares

Driver

Increasing capital base, supporting expansion plans and solvency margin. 

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