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Arabian Contracting Services Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bonus Shares.
4071
ALARABIA
-1.53
%
1445/11/22 30/05/2024 16:01:47
| Element List | Explanation |
|---|---|
| Introduction | Arabian Contracting Services Co. announces the issuance of the Board of Directors' decision recommending to the Extraordinary General Assembly to increase the company's capital by granting bonus shares to the company's shareholders by capitalizing an amount of SAR 50,000,000 (Fifty Million Saudi Riyals) from the retained earnings. |
| Date of Board Meeting | 2024-05-30 Corresponding to 1445-11-22 |
| Capital before increase | 500,000,000 SAR |
| Capital after increase | 550,000,000 SAR |
| Percentage of Capital increase | 10 % |
| Number of shares before Capital increase | 50000000 |
| Number of shares after Capital increase | 55000000 |
| Reasons for the increase | Alignment with the company's business and assets, while also supporting future growth and expansions. |
| Number of Shares Granted per Exiting Share | 1 bonus share for every 10 shares owned by shareholders. |
| Nature and Value of Reserves Used in the Capitalization | The increase will be through capitalization of SAR 50,000,000 from the retained earnings. |
| Eligibility Date | The eligibility is for shareholders holding the shares by the end of the trading day of the company’s Extraordinary General Assembly meeting date (which will be announced later) and who are registered in the company's shareholders register held with the Securities Depository Center Company (Edaa) at the end of the second trading day following the eligibility date. |
| Fractional Shares | In the event of fractional shares granted, the fractions will be consolidated in one portfolio for all shareholders and sold at the market price and then distributed to the shareholders entitled to the grant, each according to his share within a period not exceeding (30) days from the date of determining the new shares entitlement of each shareholder. |
| Approvals | The grant is conditional on obtaining the approval of the competent authorities and the approval of the Extraordinary General Assembly to increase the capital 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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Last Price 96.5
Net Change -1.5 (-1.53%)
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