Almarai EGAM endorses 25% capital raise with bonus shares
In its meeting on Sunday October 8th, 2017, Almarai’s Extraordinary General Assembly Meeting “EGAM” agreed to increase the corporate is share capital with 25% via awarding one bonus share for each owned four shares.
Consequently, the share capital will increase from SAR 8 billion to SAR 10 billion financed through capitalization of SAR 2 billion from the company’s retained earnings. The number of shares will increase from 800 million to 1 billion.
The company stated that the capital increase is effected due to the Board’s desire to adjust the company’s share capital to its assets level. The bonus shares will be for the shareowners registered in the Securities Depository Center Co of CMA by the end of the second trading session after the general assembly meeting.
The Assembly agreed to the amendment of the Article (7) of Almarai By-Laws to match the share capital raise.
The Assembly also endorsed the regulations of the audit committee, the nominations committee, and the criteria and procedures of membership in the Board.
It is noteworthy that last June, the Capital Market Authority “CMA” agreed to the company’s request to increase its share capital from SAR 8 billion to SAR 10 billion by granting bonus share for reach owned 4 shares.