Saudi Paper Manufacturing Co. Announces the Board’s Recommendation to Increase the Capital by 10% by Granting Bonus Shares
Date of Board Meeting
2023-11-25 Corresponding to 1445-05-11
Capital before increase
SAR 337,000,000.00
Capital after increase
SAR 370,700,000.00
Percentage of Capital increase
10 %
Number of shares before Capital increase
33700000
Number of shares after Capital increase
37070000
Reasons for the increase
This comes within the company's objectives to support the capital base, which contributes to enhancing future growth plans and maximizing total returns to shareholders.
Number of Shares Granted per Exiting Share
Granting one share for every ten shares owned by the shareholders
Nature and Value of Reserves Used in the Capitalization
The increase will be through capitalization of SAR 33,700,000 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 case there were bonus shares fractions, the Company will collect all fractions in one portfolio for all shareholders to be sold at market price, then the amount will be distributed among the eligible shareholders proportionately as per ownership percentage within a period not exceeding 30 days from the date of determining the due shares for 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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