Al Tayyar changes bonus issue plan, allocates shares to employees

04/03/2019 Argaam

 

Al Tayyar Travel Group’s board of directors has changed its bonus share issue to two shares for every five shares held through distributing 83.9 million shares, the company said in a bourse statement on Monday.

 

In addition, a total of 6.49 million shares were allocated for the planned employee stock ownership plan (the long-term incentive plan), the travel group said, adding it will develop the mechanism required for the program.

 

On Feb. 27, Al Tayyar’s board recommended a 43 percent capital hike to SAR 3 billion from SAR 2.096 million through issuance of three bonus shares for every seven shares held, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 2096.5 mln

Number of shares

209.65 mln shares

Hike (%)

43%

Bonus shares

83.86 mln (2 shares for every 5 shares held)

Employee stock ownership plan

6.49 mln shares

New Capital

SAR 3000 mln

New number of shares

300 mln shares

Record date

On the extraordinary general assembly meeting date

Driver

To finance expansions

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