Bena board recommends 20% capital hike via bonus issue

Bena Steel Industries’ board recommends 20% capital hike via bonus issue

Bena Steel Industries Co. headquarters

Bena Steel Industries Co.’s board of directors recommended increasing capital by 20% via a 1-for-5 bonus issue, according to a statement to Tadawul today, Nov. 29.

Capital Increase Details
Current Capital	SAR 50 mln
Current Number of Shares	5 mln
Percentage Increase	20% (one bonus share for every five shares held)
Method	Capitalizing SAR 10 mln from retained earnings
New Capital	SAR 60 mln
New Number of Shares	6 mln
Reason	Support and strengthen the company's capital base and future activities, contributing to enhancing its strategy for growth and expansion both in the Kingdom in general and in the industrial sector specifically
Eligibility	Shareholders of record and those registered with Edaa by the close of the second trading day following the record date

Fractional shares, if any, will be collected into a single portfolio to be sold at market price within 30 days maximum, on a pro-rata basis, from the date of determining the allocation of new shares for each shareholder, the statement added.

The capital increase is subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).

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