Riyadh - Mubasher: Saudi Industrial Services Co's (SISCO) board invited shareholders to attend the extraordinary general meeting (EGM) on 16 April.
The EGM will vote on the board’s recommendation to increase the capital by 20% from SAR 680 million to SAR 816 million through capitalising SAR 136 million from retained earnings, according to a bourse filing on Wednesday.
The number of shares will go up from 68 million shares to 81.6 million shares through bonus shares of 1:5.
In case of bonus shares fractions, the company will collect them in one portfolio and sell them 30 days after finishing the allocation of the new shares, the statement said.
The objective of this proposed share capital increase is to adjust the company's share capital to its assets level and to address the cash requirements for expansion.
The eligibility of the dividends will be for the shareholders registered with the Securities Depository Center Company (the center) at the close of trading on the day of the EGM.
