Yaqeen Board Recommends 70% Capital Increase through Share Grants

Yaqeen Capital Company announced on Wednesday the Board of Directors’ resolution, recommending to the Extraordinary General Assembly to increase capital by capitalisation 105 million riyals from retained earnings by granting 0.70 shares per share.

The capital before the increase amounted to 150 million riyals, and after the increase, it is set to reach 255 million riyals, reflecting a 70% rise.

The number of shares before the increase amounted to 15 million shares, and after the increase, it is set to reach 25.5 million shares.

According to the statement published on “Tadawul”, the Company aims to increase capital to expand its business, develop services, and increase growth opportunities.

Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Centre at The End of The Second Working Day after Eligibility Date

In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, and 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.

The grant is conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase in the capital and the number of shares granted.