Logo of Foods Gate Trading Co.
The Capital Market Authority (CMA) approved Foods Gate Trading Co.'s request to increase its capital from SAR 21 million to SAR 31.5 million through issuing one bonus share for every two existing shares owned, according to a statement.
Eligibility to the bonus share distribution will be to shareholders who are registered with the Securities Depository Center (Edaa) as of the closing of the second trading day after the due date which will be determined later.
For more news on listed companies
The increase will be funded by capitalizing SAR 10.5 million from the company’s retained earnings account.
Consequently, the number of the company's outstanding shares will be increased from 2.1 million to 3.15 million.
The company’s extraordinary general assembly meeting will be held within six months from this approval date and the company shall satisfy all regulatory requirements and applicable laws.
According to data available with Argaam, the company’s board of directors recommended a 50% capital increase from SAR 21 million to SAR 31.5 million through a 1-for-2 bonus share issue. The SAR 10.5 million increase will be financed through capitalizing a part of the retained earnings.
|
Capital Increase Details |
|
|
Current Capital |
SAR 21 mln |
|
Number of Shares |
2.1 mln |
|
Nominal Value |
SAR 10/share |
|
Percentage of Increase |
50% (1:2 bonus share issue) |
|
Method |
Capitalizing SAR 10.5 mln from retained earnings |
|
New Capital |
SAR 31.5 mln |
|
New Number of Shares |
3.15 mln |
|
Reason |
To fund operational projects and investment expansions to enhance the company’s ability to achieve its strategic objectives and raise the efficiency of its business to ensure sustainable growth and achieve added value for shareholders |
|
Record Date |
Shareholders of record and those registered with Edaa on the second trading day following the record date |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}