| Introduction |
The Board of Directors of Saudi Advanced Industries Company (SAIC) recommended by its resolution by passing on 22/5/2022 to the Extraordinary General Assembly to increase the company’s capital by 20% by granting free shares through the capitalization of 100,000,000 Saudi riyals from the retained earnings, by granting one free share for every five shares owned by the shareholders |
| Date of Board Meeting |
2022-05-22 Corresponding to 1443-10-21 |
| Capital before increase |
500,000,000 |
| Capital after increase |
600,000,000 |
| Percentage of Capital increase |
20 % |
| Number of shares before Capital increase |
50000000 |
| Number of shares after Capital increase |
60000000 |
| Reasons for the increase |
The company aims to increase the capital to strengthen the capital base of the company to enhance its future growth plans. |
| Number of Shares Granted per Exiting Share |
One share for every five shares |
| Nature and Value of Reserves Used in the Capitalization |
The increase will be through the capitalization of SAR 100,000,000 of retained earnings. |
| Eligibility Date |
The eligibility date for shareholders who own shares at the end of trading on the day of the company’s Extraordinary general assembly (which will be determined later) and who are registered in the company’s shareholders register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the ordinary general assembly. |
| Fractional Shares |
In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder. |
| Approvals |
The grant is conditional on obtaining the approval of the competent authorities and the extraordinary general assembly on the increase in the capital and the number of shares granted. |
