Saudi Chemical Co.’s shareholders approved a 33.33 percent capital hike to SAR 843.2 million from SAR 632.4 million through the issue of bonus shares during the extraordinary general assembly meeting held on Sept. 17, 2019.

 

The capital hike aims to boost the company’s capital base and future activities, the company said in a bourse statement.

 

The process will be financed through capitalizing SAR 210.8 million from retained earnings account.

 

Shareholders also approved amending article number (7) of the company’s capital- related bylaws to match the new capital.

 

In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Wednesday Sept. 18, 2019 for Saudi Chemical will be based on a share price of SAR 24.48.

 

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Sunday, Sept. 22, 2019.

 

Key Figures of the Capital Hike

Current Capital

SAR 632.4 mln

Number of shares

63.24 mln

Hike (%)

33.33% (1 share for every 3 shares)

New Capital

SAR 843.2

New number of shares

84.3 mln

Method

Capitalizing SAR 210.8 mln from retained earnings account

Record date

Sept. 17, 2019

Driver

To boost the company’s capital base and future activities.

 

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