Riyadh – Mubasher: Jarir Marketing’s extraordinary general meeting (EGM) approved the decision to raise the company's capital by 33.3% to SAR 1.2 billion, from SAR 900 million, through the issuance of bonus shares.
The capital hike will be implemented through liquidating SAR 296.5 million of reserves, and SAR 3.5 million of retained profits, in addition to an increase of shares to 120 million, from 90 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The Saudi-based firm further noted that this procedure would be carried out to cope with assets’ total value.
The entitlement for dividends distribution will be for the shareholders registered in the Tadawul Securities Depository at the end of the trading day of the general assembly meeting.
Jarir’s EGM also approved the decision to amend some of the firm's articles of association.
Earlier on Monday, Tadawul stated that the fluctuation rate for Jarir’s stock was calculated on a basis price of SAR 141.20, while bonus shares will be added to investors’ portfolios before 31 October.
In August, the Saudi Capital Market Authority (CMA) gave its approval for Jarir's capital top-up.
Jarir last reported a 17% increase in profits to SAR 288 million by the end of the third quarter of 2018, compared to SAR 246.5 million in the same period of 2017.
By 11:29 Saudi time, Jarir’s stock rose 4.53% to SAR 147.60.
