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Electrical Industries Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares

1303
EIC
-3.48 %
1444/09/07     29/03/2023 09:30:53

Element ListExplanation
Introduction Electrical Industries Company announces the Board’s recommendation to the Extraordinary General Assembly for the capital increase by the way of issuing bonus shares to the shareholders’ of the Company by way of granting one share to every four shares
Date of Board Meeting 2023-03-28 Corresponding to 1444-09-06
Capital before increase 450,000,000
Capital after increase 562,500,00
Percentage of Capital increase 25 %
Number of shares before Capital increase 45000000
Number of shares after Capital increase 56250000
Reasons for the increase The Capital increase aims to support and strengthen the financial position to achieve the Company’s business growth strategy.
Number of Shares Granted per Exiting Share One share to every four shares
Nature and Value of Reserves Used in the Capitalization 112,500,000 SR to be capitalized from retained earring
Eligibility Date Bonus shares will be eligible for shares holders who owns the shares at the end of the trading date of the Extraordinary General Assembly meeting and registered at the Company’s register at the Securities Deposit Center Company by the end of the second trading date following the date of the Extraordinary General Assembly meeting which will be scheduled later.
Fractional Shares In the event of the stock fractures , the fractions will be grouped into single portfolio for all shareholders and sold at the market price and then distributed to the shareholders entitled to the grant each according to their shares within 30 days of the date of the determination of the shares due to each shareholder
Approvals The grant is subject to the approval of the relevant authorities and the Extraordinary General Assembly on the capital increase and the number of shares granted.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Key Parameters
Last Price 4.44
Net Change -0.16 (-3.48%)
Value Traded (Sar) 23,942,227.05
Volume Traded 5,284,825
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