Al-Khorayef Water and Energy Technology Company announced the recommendation of the Board of Directors to the Extraordinary General Assembly to increase the company’s capital by granting bonus shares to the company’s shareholders by capitalizing an amount of 100 million riyals from the retained earnings account by granting one share for every two and a half shares owned.
Al-Khorayef said, in a statement on Tadawul Saudi Arabia, today, Sunday, that the percentage of the capital increase is 40%, so that after the increase, it becomes 350 million riyals, instead of 250 million riyals.
The number of shares of the company after the increase becomes 35 million shares instead of 25 million shares.
The reasons for the increase come within the company’s objectives to support and strengthen the capital base and future activities of the company, which contributes to strengthening the company’s strategy for growth and expansion in the Kingdom in general and in the water and wastewater sector in particular.
The date of eligibility for the bonus shares will be for the company’s shareholders who own shares at the end of trading on the day of the extraordinary general assembly of the company (which will be determined later) and who are registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the extraordinary general assembly.
The grant is conditional on obtaining the approval of the competent official authorities and the approval of the Extraordinary General Assembly on the increase in the capital and the number of shares granted.