Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Marai approved on Sunday, 8 October to increase its capital by 25% through distributing one bonus share for each four shares.
The capital will rise to SAR 10 billion from SAR 8 billion, and the shares will grow to 1 billion shares from 800 million, according to a statement on Monday to the Saudi Stock Exchange (Tadawul).
The capital hike will be financed through the capitalisation of SAR 2 billion from the firm’s retained profits.
Al Marai aims through the capital increase to adjust the capital with its assets and to amend article number 7 of the articles of associations.
The shareholders also approved the regulation of the Audit Committee, the regulation of the Nomination and Remuneration Committee, and the policies and procedures for membership in the board.
Tadawul on Monday said that Al Marai’s stock fluctuation rate was calculated based on a price of SAR 55.95, and the Capital Market Authority (CMA) of Saudi Arabia will add the bonus shares to the investors’ portfolios before start of trading activities on Wednesday, 11 October.
In June, CMA approved Al Marai’s request to raise capital to SAR 10 billion from SAR 8 billion, through distributing one bonus share for each four shares.
By 10:47 am KSA time, the stock rose 2.06% to SAR 57.20.
