Riyadh – Mubasher: Advanced Petrochemical Company announced on Sunday that its extraordinary general meeting (EGM) will be held on 28 July.
The EGM is set to discuss a proposal by the board of directors to raise the company’s capital by 20% to SAR 1.97 billion from SAR 1.64 billion through distributing 1-for-5 bonus shares.
The capital increase will be funded from the retained profit account, according to a bourse statement.
Consequently, the number of issued shares will increase by 32.79 million shares to 196.79 million shares from 163.99 million shares.
The capital hike is the second of its kind since its listing on the Saudi Stock Exchange (Tadawul) in 2007, as the capital was increased in 2012 from SAR 1.41 billion to SAR 1.64 billion, according to data compiled by Mubasher.
Shareholders will also look into amending the article (7) of the Company’s statute to reflect the capital increase.
