Amlak’s BOD recommends increasing the capital to one billion riyals

Amlak International Finance Company announced the Board of Directors’ decision to recommend to the Extraordinary General Assembly an increase in the company’s capital from 906 million riyals to 1.02 billion riyals by capitalizing the statutory reserve and a portion of retained earnings by granting one share for every eight shares.

The number of shares before the increase was 90.6 million shares, and after the increase it became 101.9 million shares, an increase of 12.5%.

The company said that the increase aims to support its expansion operations and enhance its solvency and growth, in line with its strategy after obtaining a license to practice new financing activities.

The statutory reserve of 101,934,000 riyals will be capitalized, and a portion of retained earnings will be capitalized in the amount of 11,316,000, so that the total increase will be 113,250,000 Saudi riyals.

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

If there are fractional shares, they 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 their share, within a period not exceeding 30 days from the date of determining the shares owed to each shareholder.

The grant is considered conditional on the approval of the regulatory authorities and the extraordinary general assembly on the increase in capital and the number of shares granted. It should be noted that a non-objection from the Central Bank of Saudi Arabia was obtained to increase the capital.