Saudi Arabian Mining Company (Ma’aden) announces the Board of Directors' recommendation to increase the Company's capital by granting bonus shares.
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of the Saudi Arabian Mining Company (Ma’aden) recommended to the Extraordinary General Assembly to increase the Company’s capital 100% by granting bonus shares. Such increase will be via capitalizing 12,305,911,460 Saudi Riyals from the retained earnings and part of the statutory reserve. Each shareholder will be granting one bonus share for each share. |
| Date of Board Meeting | 2022-02-24 Corresponding to 1443-07-23 |
| Capital before increase | 12,305,911,460 |
| Capital after increase | 24,611,822,920 |
| Percentage of Capital increase | 100 % |
| Number of shares before Capital increase | 1230591146 |
| Number of shares after Capital increase | 2461182292 |
| Reasons for the increase | The Company aims to increase the capital to strengthen its capital base, in which contributes to boost the future growth plans. |
| Number of Shares Granted per Exiting Share | Granting one share for each share |
| Nature and Value of Reserves Used in the Capitalization | The increase will be through capitalization of 12,305,911,460 SAR from the retained earnings and part of the statutory reserve. |
| Eligibility Date | The eligibility of the 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 fractions in a single portfolio to be sold at market price, 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 grant is subject to obtaining necessary approvals from competent authorities and Extraordinary General Assembly on the capital increase and number of granted shares. |
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