Sure Global board proposes capital increase via 50% bonus shares

Logo of Sure Global Tech Co.

The board of directors of Sure Global Tech Co. recommended on Sept. 17 to increase the company’s capital by 50% through a 1-for-2 bonus share distribution, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 51.30  mln

No. of Shares

5.13 mln

Percentage of Increase

50% (one bonus share for every two existing shares)

Method

Bonus share distribution

New Capital

SAR 76.95 mln

No. of Shares

7.69 mln

Reason

 To boost strategic growth and financial position

Method

Capitalization of SAR 25.65 mln from retained earnings

Record Date

Shareholders of record and those registered with Edaa on the second trading day following the general meeting.
 

Fractional shares will be compiled in one portfolio for all shareholders and sold at the market price, and the proceeds will be distributed to the shareholders pro rata within a period not exceeding 30 days.

 

The bonus issue is subject to the approval of the competent authorities and the extraordinary general meeting (EGM).

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