Alhasoob BOD recommends capital increase to SR28 mln ‎

Alhasoob Co. announced the Board of Directors’ ‎recommendation to increase the capital by 100% from 14 ‎million riyals to 28 million riyals by granting shares to ‎shareholders, by capitalizing 14 million riyals of retained ‎earnings and granting 1 share for every 1 share owned by the ‎shareholder at maturity.‎

The company explained that the number of shares before the ‎increase was 14 million shares, to become after the increase of ‎‎28 million shares, with the aim of increasing the capital to ‎expansion and growth, and maximizing the total return to ‎shareholders to support the future activities of the company.‎

The eligibility date shall be for shareholders owning shares by ‎the end of trading day of the Company’s Extraordinary General ‎Assembly meeting date (which will be announced later) and ‎are registered at Securities Depository Center Company (Edaa) ‎by the end of the second trading day following the ‎Extraordinary General Assembly meeting date.‎

In case of bonus shares fractions occurrence, stc will collect all ‎fractions in a single portfolio to be sold at market price, the ‎value will be distributed to eligible shareholders each by their ‎ownership percentage during 30 days from the allocation of ‎new shares to each shareholder.‎

The proposed grant remains subject to obtaining necessary ‎approvals from competent authorities and Extraordinary ‎General Assembly on the capital increase and number of ‎granted shares.‎