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Saudi Automotive Services Co. (SASCO) Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares
4050
SASCO
-0.12
%
1445/09/18 28/03/2024 09:05:53
| Element List | Explanation |
|---|---|
| Introduction | In its meeting held on 27 March 2024, the Board of Directors of the Saudi Automotive Services Co. (SASCO) recommended to the General Assembly to increase the company’s capital by granting free shares to the company’s shareholders by capitalizing an amount of 100 million riyals from retained earnings as follows: |
| Date of Board Meeting | 2024-03-27 Corresponding to 1445-09-17 |
| Capital before increase | 600.000.000 SR |
| Capital after increase | 700.000.000 SR |
| Percentage of Capital increase | 16.67 % |
| Number of shares before Capital increase | 60000000 |
| Number of shares after Capital increase | 70000000 |
| Reasons for the increase | The company aims to be compatible with the company's business size and assets and to support future expansions. |
| Number of Shares Granted per Exiting Share | One share for every six shares |
| Nature and Value of Reserves Used in the Capitalization | Only 100 Million SAR will be capitalized from the Retained Earnings. |
| Eligibility Date | Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date |
| Fractional Shares | In the event that there are fractional shares granted, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to their share ownership, within a period not exceeding 30 days from the date of determining the new shares entitled to each shareholder. |
| Approvals | This recommendation is subject to obtaining necessary approvals from official authorities and extraordinary general assembly. |
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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Last Price 83.7
Net Change -0.1 (-0.12%)
Value Traded (Sar) 5,939,017.9
Volume Traded 71,044
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