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Edarat Communication’s EGM approves 100% new capital hike

Edarat Communication’s EGM approves 100% new capital hike
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Riyadh – Mubasher: The shareholders of Edarat Communication and Information Technology Company gave a nod, during their extraordinary general meeting (EGM) on 16 April 2024, for doubling the capital through bonus shares.  

This decision builds on the board’s resolution on 13 December 2023 to increase the capital by 100% or SAR 12.60 million through the issuance of one bonus share for every owned share, according to a bourse filing.

The company will raise the capital to SAR 25.20 million distributed over 2.52 million shares from SAR 12.60 million distributed over 1.26 million shares. The transaction will be carried out by capitalising SAR 12.60 million from the retained earnings account.

By doubling the capital, Edarat Communication aims to support and endorse its capital base and future activities in order to help achieve good growth rates over the coming years.

The 100% capital hike decision came one year after receiving the Capital Market Authority’s (CMA) approval to double the capital from SAR 6.30 million through bonus shares in April 2023.