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Riyadh Steel Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares
9588
RIYADH STEEL
1.78
%
1445/06/13 26/12/2023 08:04:08
| Element List | Explanation |
|---|---|
| Introduction | Riyadh Steel Company announces the recommendation of the company’s Board of Directors to the Extraordinary General Assembly to increase the company’s share capital by granting 40% bonus shares |
| Date of Board Meeting | 2023-12-25 Corresponding to 1445-06-12 |
| Capital before increase | 50,000,000 SAR |
| Capital after increase | 70,000,000 SAR |
| Percentage of Capital increase | 40 % |
| Number of shares before Capital increase | 5000000 |
| Number of shares after Capital increase | 7000000 |
| Reasons for the increase | Supporting the company’s financial position and future growth plans |
| Number of Shares Granted per Exiting Share | Granting four shares for every ten shares owned by shareholders |
| Nature and Value of Reserves Used in the Capitalization | Only 20,000,000 Saudi Riyals 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 | The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly meeting on the capital increase and number of granted shares |
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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