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Saudi Arabian Oil Company (Saudi Aramco) announces the Board of Directors’ recommendation for capital increase by way of issuing bonus shares
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of the Saudi Arabian Oil Company (Saudi Aramco) recommended to the Extraordinary General Assembly to increase the Company’s capital by 20% through granting bonus shares. Such increase will be via capitalizing 15,000,000,000 Saudi Riyals from the retained earnings. Each shareholder will be granted one bonus share for every ten shares owned. |
| Date of Board Meeting | 2023-03-10 Corresponding to 1444-08-18 |
| Capital before increase | 75,000,000,000 Saudi Riyals |
| Capital after increase | 90,000,000,000 Saudi Riyals |
| Percentage of Capital increase | 20 % |
| Number of shares before Capital increase | 220000000000 |
| Number of shares after Capital increase | 242000000000 |
| Reasons for the increase | Capitalization of 15,000,000,000 Saudi Riyals from the retained earnings to grant shareholders one bonus share for every ten shares. This aligns with the Company’s aim to maximize shareholders’ total returns through distribution of sustainable and progressive dividends, in line with future prospects, underlying growth in free cash flow, and long-term value creation through investments in available opportunities. |
| Number of Shares Granted per Exiting Share | Granting one share for every ten shares. |
| Nature and Value of Reserves Used in the Capitalization | The increase will be through capitalization of 15,000,000,000 Saudi Riyals from the retained earnings. |
| Eligibility Date | The eligibility of the bonus shares shall be for shareholders who own the shares by the end of trading day of the Company’s Extraordinary General Assembly meeting date (which will be announced later) and are registered in the Company’s shareholders record at the Securities Depository Center Company (Edaa) at the end of the second trading day following the Extraordinary General Assembly meeting date. |
| Fractional Shares | In case there were bonus shares fractions, the Company will collect all fractions in one portfolio for all shareholders to be sold at market price, then the amount will be distributed among the eligible shareholders proportionately as per ownership percentage within a period not exceeding 30 days from the date of determining the due shares for each shareholder. |
| Approvals | The proposed grant is subject to obtaining necessary approvals from competent authorities and Extraordinary General Assembly 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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