Bahri Announces BOD Recommendation to Increase Capital by Granting Shares

The National Shipping Company of Saudi Arabia (Bahri) announced on Monday the board’s recommendation to increase the capital by granting shares from SAR 3,937,500,000 to SAR 4,921,875,000 through granting one bonus share for every 4 shares owned.

Percentage of Capital increase is 25 %.

The company said that the number of shares before capital increase is 393750000and the number of shares after capital increase will be 492187500

The increase aims to strengthen the capital base of the company to be matched with the size of company assets and future projects.

The increase will be through the capitalization of SAR 984,375,000 from Statutory reserve.

The eligibility date shall be for shareholders owning shares by the end of trading day of the extraordinary general assembly meeting date (which will be announced later) and are registered at Depository Center at the end of the second trading day following the General Assembly Meeting date

In case of bonus shares fractions; the company will collect all fractions in one portfolio to be sold at market price, the value will be distributed to eligible shareholders in pro rata base during 30 days from the allocation of new shares to each shareholder.

The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly meeting on the capital increase and number of granted shares.