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Nofoth Food Products Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares
9556
NOFOTH
0.97
%
1445/02/20 05/09/2023 08:21:52
| Element List | Explanation |
|---|---|
| Introduction | Nofoth Food Products Company's board of directors recommended to the extraordinary general assembly a capital increase of 100% via granting the shareholders shares by capitalizing an SAR 24 million of the retained earnings. Each shareholder will be granted 1 bonus share for each 1 share owned by shareholders at the eligibility date. |
| Date of Board Meeting | 2023-09-04 Corresponding to 1445-02-19 |
| Capital before increase | 24000000 |
| Capital after increase | 48000000 |
| Percentage of Capital increase | 100 % |
| Number of shares before Capital increase | 24000000 |
| Number of shares after Capital increase | 48000000 |
| Reasons for the increase | The capital increase intends to support the company in accomplishing its strategy towards expansion, growth, and maximizing the shareholder’s total return through increasing and diversifying the trademarks while generally seizing the possible growth opportunities in the food sector. |
| Number of Shares Granted per Exiting Share | Granting 1 share per each 1 share. |
| Nature and Value of Reserves Used in the Capitalization | The increase will be through capitalizing 24,000,000 Saudi riyals of the retained earnings. |
| Eligibility Date | The eligibility date for shareholders holding shares is by the end of the extraordinary general assembly trading day of Nofoth Food Products company (which shall be determined later) and for the shareholders registered in the register of the Issuer's Shareholders at the Depository Center (Edaa) by the end of the second trading day following the date of the extraordinary general assembly meeting. |
| Fractional Shares | In case of bonus shares fractions occurrence, the fractions shall be collected in a single portfolio for all shareholders to be sold at the market price, then divided among the eligible shareholders based on their ownership percentage during a period not exceeding 30 days from the allocation of new shares to each shareholder. |
| Approvals | The proposed grant remains subject to obtaining the necessary the approvals from the concerned authorities and the extraordinary general assembly on the capital increase as well as the number of granted shares. |
| Additional Information | None |
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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