| Element List |
Explanation |
| Introduction |
Amlak Finance Company announces the Board of Directors’ decision to recommend to the Extraordinary General Assembly an increase in the company’s capital by capitalizing the statutory reserve and a portion of retained earnings by granting one share for every eight shares. |
| Date of Board Meeting |
2024-03-06 Corresponding to 1445-08-25 |
| Capital before increase |
906,000,000 |
| Capital after increase |
1,019,250,000 |
| Percentage of Capital increase |
12.5 % |
| Number of shares before Capital increase |
90600000 |
| Number of shares after Capital increase |
101925000 |
| Reasons for the increase |
The increase aims to support the company's expansion operations and enhance its solvency and growth, in line with the company's strategy after obtaining a license to practice new financing activities. |
| Number of Shares Granted per Exiting Share |
One share for every 8 shares |
| Nature and Value of Reserves Used in the Capitalization |
The statutory reserve will be capitalized in the amount of 101,934,000 Saudi riyals, and a portion of retained earnings will be capitalized in the amount of 11,316,000, bringing the total increase to 113,250,000 Saudi riyals. |
| Eligibility Date |
The eligibility date for shareholders who own shares on the day of the extraordinary general assembly and who are registered in the register of the issuer’s shareholders at the Securities Depository Center (Edaa) will be at the end of the second trading day following the date of the assembly, which will be determined later. |
| Fractional Shares |
If there are fractional shares, they 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, within a period not exceeding 30 days from the date of determining the shares due to each shareholder. |
| Approvals |
The grant is conditional on the approval of the regulatory authorities and the extraordinary general assembly of the increase in capital and the number of shares granted, , It should be noted that a no-objection from the Saudi Central Bank was obtained to increase the capital. |
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