| Element List |
Explanation |
| Introduction |
In its meeting held on 27 March 2024, the Board of Directors of the Saudi Automotive Services Co. (SASCO) recommended to the General Assembly to increase the company’s capital by granting free shares to the company’s shareholders by capitalizing an amount of 100 million riyals from retained earnings as follows: |
| Date of Board Meeting |
2024-03-27 Corresponding to 1445-09-17 |
| Capital before increase |
600.000.000 SR |
| Capital after increase |
700.000.000 SR |
| Percentage of Capital increase |
16.67 % |
| Number of shares before Capital increase |
60000000 |
| Number of shares after Capital increase |
70000000 |
| Reasons for the increase |
The company aims to be compatible with the company's business size and assets and to support future expansions. |
| Number of Shares Granted per Exiting Share |
One share for every six shares |
| Nature and Value of Reserves Used in the Capitalization |
Only 100 Million SAR will be capitalized from the Retained Earnings. |
| Eligibility Date |
Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date |
| Fractional Shares |
In the event that there are fractional shares granted, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to their share ownership, within a period not exceeding 30 days from the date of determining the new shares entitled to each shareholder. |
| Approvals |
This recommendation is subject to obtaining necessary approvals from official authorities and extraordinary general assembly. |
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