Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Industrial Services Co. (SISCO), has agreed to increase the company’s capital by 20% through the issuance of bonus shares, as per recommendation by the board.
The capital top-up will increase SISCO's capital to SAR 816 million from SAR 680 million, through a 1-for-5 share ratio.
Accordingly, the number of shares will increase by 13.6 million shares to 81.6 million from 68 million shares, according to a bourse statement on Monday.
The raise will occur through transferring SAR 136 million from the company's retained earnings.
In case of fractional shares, those will be collected in a single portfolio, which will be sold to the market within 30 days after the allocation of the new shares.
The EGM, held on Sunday, also agreed to transfer the special reserve balance in last year’s financial statements to the statutory reserve.
By 12:35 pm Saudi time, SISCO's plunged 16.61% to SAR 12.30, with 869,826 shares traded at a turnveor of SAR 10.68 million.
