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Sumou’s shareholders nod to 50% capital raise; fluctuation limit announced

Sumou’s shareholders nod to 50% capital raise; fluctuation limit announced
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SUMOU
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-0.45% 66.80 -0.30

Riyadh – Mubasher: The shareholders of Sumou Real Estate Company approved increasing the capital by 50% or SAR 125 million by issuing bonus shares, according to a bourse filing on Thursday.

The new capital will become SAR 375 million distributed over 37.5 million shares, compared to SAR 250 million and 25 million shares prior to the raise.

This marks an increase of 12.5 million shares by granting one bonus share for every two owned shares.

In a separate statement, the Saudi Exchange Tadawul announced the fluctuation limit for Sumou’s stock based on a share price of SAR 75.30. 

The outstanding orders will accordingly be cancelled. 

The disclosure followed the company’s decision to increase the capital, which was granted approval from the Saudi Capital Market Authority last month.

Tadawul’s Securities Depository Center (Edaa) will deposit the bonus shares of the capital increase into the shareholders’ portfolios before trading starts on 10 May.