Al-Babtain shareholders to vote on 50% bonus issue on Aug. 17

Al-Babtain Power and Telecommunication Co.’s shareholders are set to vote on increasing the company’s capital by 50% through a one-for-two bonus share distribution, during the extraordinary general meeting (EGM) slated for Aug. 17.

The capital hike will be financed through capitalizing SAR 213.2 million from retained earnings.

If approved, the eligibility of bonus shares will be for shareholders of record by the end of trading on the EGM date and those registered in the company’s shareholders registry at the Securities Depository Center (Edaa) by the end of the second trading day following the EGM.

Meanwhile, shareholders will vote on other items in the meeting agenda including amending bylaws and the transfer of the statutory reserve valued at SAR 127.89 million as of Dec. 31, 2022, to retained earnings.