Advanced BOD Recommends Increasing Capital to SR2.6 bln by Granting Shares

Advanced Petrochemical Company announced on Wednesday the board recommendation to the Extraordinary General Assembly for the capital increase of the company by granting one share for every 5 shares to the shareholders through capitalizing part of the statutory reserve and retained earnings.

The company said in a statement on Wednesday on Tadawul that the capital before increase is 2,164,734,000. The capital after increase is 2,600,000,000. The percentage of capital increase is 20.1 %.The number of shares before capital increase is 216473400. The number of shares after capital increase is 260000000.

The company indicated that the capital will be increased by capitalizing SR261 Million from the Statutory Reserve and SR174 Million from the retained earnings.

It added that eligible shareholders are those holding shares in the eligibility date as per the shareholders registry at the deposit center at the end of the second working day after eligibility date.

In the case of any bonus shares having fractions, these will be consolidated in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the eligible shareholders for the issue, each according to his share within a period not exceeding 30 days from the date of determining the shares due to each shareholder.

The grant is conditional on the approval of the official authorities and the extraordinary General Assembly on the increase in capital and the number of shares granted, the company concluded.