Edarat Communication and Information Technology Co. (EDARAT) announces the Board of Directors’ decision on 26-12-2022 AD corresponding to 02-06-1444 AH to submit a recommendation to the company’s extraordinary general assembly to increase the capital by capitalizing part of the reserves and retained earnings by granting one share for each one shares
Date of Board Meeting
2022-12-26 Corresponding to 1444-06-02
Capital before increase
6,300,000 Saudi riyals
Capital after increase
12,600,000 Saudi riyals
Percentage of Capital increase
100 %
Number of shares before Capital increase
630000
Number of shares after Capital increase
1260000
Reasons for the increase
The company aims to raise capital to support and strengthen the capital base and future activities of the company, which will contribute to achieving good growth rates in the coming years, God willing.
Number of Shares Granted per Exiting Share
One share for each one shares
Nature and Value of Reserves Used in the Capitalization
Only 6,300,000 Saudi riyals will be capitalized from the reserves and 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 of fractional shares, 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 his share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder.
Approvals
The grant is conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase in the capital and the number of granted share
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