| Element List |
Explanation |
| Introduction |
Pan Gulf Marketing Co. announces the resolution of the Board of Directors' in its meeting held recommending to the Extraordinary General Assembly to increase the company's capital by granting bonus shares to the company's shareholders by capitalizing an amount of SAR 25,000,000 from the retained earnings, which represents an increase of 50% of the company’s capital. One (1) share shall be granted for every two (2) shares owned. |
| Date of Board Meeting |
2024-03-14 Corresponding to 1445-09-04 |
| Capital before increase |
50,000,000 Saudi Riyal |
| Capital after increase |
75,000,000 Saudi Riyal |
| Percentage of Capital increase |
50 % |
| Number of shares before Capital increase |
5000000 |
| Number of shares after Capital increase |
7500000 |
| Reasons for the increase |
By raising capital, the company aims 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. |
| Number of Shares Granted per Exiting Share |
One share for every two shares owned |
| Nature and Value of Reserves Used in the Capitalization |
Only 25,000,000 Saudi Riyals 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 |
The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly meeting on the capital increase and number of granted shares |
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