Advanced BOD recommends capital increase to SR600 mln by granting bonus shares

The Board of Directors of Saudi Advanced Industries Company (SAIC) recommended by its resolution by passing on 22/5/2022 to the Extraordinary General Assembly to increase the company’s capital by 20% by granting free shares through the capitalization of 100,000,000 Saudi riyals from the retained earnings, by granting one free share for every five shares owned by the shareholders.

The Board’s recommendation comes as follows:

-Capital before increase: 500,000,000

-Capital after increase: 600,000,000

-Percentage of Capital increase: 20%

-Number of shares before Capital increase: 50000000

-Number of shares after Capital increase: 60000000

The company aims to increase the capital to strengthen the capital base of the company to enhance its future growth plans.

The eligibility date for shareholders who own shares at the end of trading on the day of the company’s Extraordinary general assembly (which will be determined later) and who are registered in the company’s shareholders register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the ordinary general assembly.

In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder.