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AQASEEM

16 January, 2025 15:50

Aqaseem Factory for Chemicals and Plastics Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares

Element ListExplanation
Introduction Aqaseem Factory for Chemicals and Plastics Co. announces the recommendation of its Board of Directors in its meeting dated 07-16-1446 corresponding to 01-16-2025 to the Extraordinary General Assembly to increase the company's capital from 25,000,000 Saudi Riyals to 37,500,000 Saudi Riyals by capitalizing part of the retained earnings, and allocating 10% of the company's capital as treasury shares. The recommendation will be voted on by the upcoming Extraordinary General Assembly, which will be announced later after obtaining the necessary regulatory approvals.
Date of Board Meeting 2025-01-16 Corresponding to 1446-07-16
Capital before increase 25000000
Capital after increase 37500000
Percentage of Capital increase 50 %
Number of shares before Capital increase 25000000
Number of shares after Capital increase 37500000
Reasons for the increase Implementing the company's future plans. 10% of the company's capital after the increase will be allocated as treasury shares to be used for the purposes designated for them, which are as follows: - - Exchange for the acquisition of shares or stakes or the purchase of assets. - Allocating them to the company's employees within the employee stock program. - Fulfilling the rights of holders of debt instruments or financing instruments convertible into shares in accordance with the terms and provisions of those instruments or instruments. - Any other purpose that the company deems to serve its interests.
Number of Shares Granted per Exiting Share 1 share for every 2 shares
Nature and Value of Reserves Used in the Capitalization The increase will be through capitalization of SAR 12,500,000 from the retained earnings account.
Eligibility Date Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date
Fractional Shares In Case 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 increase in capital and the issuance of treasury shares are conditional upon obtaining the necessary approvals from the regulatory authorities and the company’s extraordinary general assembly.

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