Aldrees recommends 20% capital hike through bonus shares

17/01/2019 Argaam

 

Aldrees Petroleum and Transport Services Co.’s board of directors has recommended a 20 percent capital hike to SAR 600 million from SAR 500 million through the issue bonus shares.

 

The step aims to match the company’s capital to business size and future plans.

 

The capital hike will be financed through capitalizing SAR 29.05 million from retained earnings account and SAR 70.95 million from the statutory reserve.

 

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

 

Key Figures of the Capital Hike

Current Capital

SAR 500 mln

Number of shares

50 mln shares

Hike (%)

20% (1 shares for every 5 shares)

New Capital

SAR 600 mln

New number of shares

60 mln shares

Record date

General assembly meeting

Driver

To match the company’s capital to business size and future plans.

 

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