Watani Steel recommends 50% capital hike via bonus issue

Logo of Watani Iron Steel Co.

Watani Iron Steel Co.’s (Watani Steel) board of directors recommended, during its meeting on March 23, increasing the company’s capital by 50% to SAR 181.65 million via a one-for-two bonus-share distribution, according to a statement to Tadawul.

Capital Increase Details
Current Capital	SAR 121.10 mln
Number of Shares	12.11 mln
Percentage of Increase	50%
Method	Distribution of one bonus share for every two shares held through capitalization of SAR 60.55 mln of retained earnings
New Capital	SAR 181.65 mln
Number of Shares	18.17 mln
Reason	Enhancing the company’s strategic growth plan and reinforcing its financial position and solvency
Record Date	For shareholders registered with Edaa at the end of the second trading day, following the date of the extraordinary general meeting that will be determined later

Fractional bonus shares, if any, will be collected in one portfolio for all shareholders and sold at the market price. The sale proceeds will be distributed among eligible shareholders proportionally according to each shareholder’s share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder.

The bonus issue is subject to the competent authorities’ consent and shareholders’ approval on the capital increase, the statement added.

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