Al Masane Al Kobra Mining Company (AMAK) announces the Board of Directors' recommendation to increase it capital by granting bonus shares
|Introduction||Board of Directors of Almasane Alkobra Mining Company (AMAK) decided in the meeting held on 18/07/2022 to recommend to the Extraordinary General Assembly to use the Share Premium account, which has a balance of SAR 508,589,751 as follows: |
1. Increase the company's capital through the capitalization of SAR 240,000,000 by granting one bonus share for every 2.75 shares.
2. Transfer the remaining balance of 268,589,751 Saudi riyals to the Statutory Reserve account.
|Date of Board Meeting||2022-07-18 Corresponding to 1443-12-19|
|Capital before increase||SAR 660,000,000|
|Capital after increase||SAR 900,000,000|
|Percentage of Capital increase||36.36 %|
|Number of shares before Capital increase||66000000|
|Number of shares after Capital increase||90000000|
|Reasons for the increase||The reason for the capital increase is to support the company's financial position in order to achieve its strategy of expansion and growth through exploiting investment opportunities in the mining sector.|
|Number of Shares Granted per Exiting Share||Granting one bonus share for every 2.75 shares.|
|Nature and Value of Reserves Used in the Capitalization||The increase will be through the capitalization of SAR 240,000,000 from share premium account.|
|Eligibility Date||The eligibility date of bonus shares shall be for shareholders owning shares by the end of trading day of the Company’s Extraordinary General Assembly meeting date (which will be announced later) and are registered at Securities Depository Center Company (Edaa) by the end of the second trading day following the Extraordinary General Assembly meeting date.|
|Fractional Shares||In case of bonus shares fractions occurrence, the company will collect all fraction shares in one portfolio to be sold at market price, then the value will be distributed to eligible shareholders each by their share during 30 days from the allocation of new shares to each shareholder.|
|Approvals||The proposed increase in capital and the transfer of the remaining balance of Share Premium account to Statutory Reserve account 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.