Shore BOD recommends increasing capital to SAR 76.9 mln by capitalizing SAR 25.6 mln from retained earnings

Sure Global Tech Co. announced on Monday the resolution of the Board of Directors in its meeting held on Sunday, 17-09-2023, recommending to the Extraordinary General Assembly to increase the company’s capital from SAR 51,297,500 to SAR 76,946,250 by granting bonus shares to the company’s shareholders

The number of shares before the increase was 5.1 million shares and will become 7.6 million shares after the increase, with the aim of enhancing the strategic growth of the company and supporting its financial position.

The company’s capital will be increased by capitalizing an amount of SAR 25,648,750 from the retained earnings, which represents an increase of 50% of the company’s capital. One (1) share shall be granted for every two (2) shares owned.

And the date of eligibility for bonus shares will be for the Company’s shareholders who own the shares at the end of trading on the day of the Company’s Extraordinary General Assembly (to be determined later) and who are registered in the Company’s shareholders register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the Extraordinary General Assembly.

In the event that fractional shares are granted, 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.