Developed shareholders approve a 20% capital increase and purchase treasury shares

Developed shareholders approve a 20% capital increase and purchase treasury shares
Developed shareholders approve a 20% capital increase and purchase treasury shares
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The shareholders of the Saudi Advanced Industries Company, “Motatara”, approved, during the extraordinary general assembly meeting, on Wednesday, to increase the capital by 20%.

The company said in a statement on “Tadawul Saudi Arabia”, today, Thursday, that the capital after the increase becomes 600 million riyals, compared to a value of 500 million riyals before the increase.

She added that the increase will take place through the capitalization of retained earnings with a total of 100 million riyals, by granting a free share for every 5 shares owned by shareholders.

The number of shares after the increase becomes 60 million shares instead of 50 million shares.

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The company aims to increase the capital to support the capital base of the company to promote future growth plans.

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The company has been approved to purchase a number of its shares, with a maximum of 2.5 million of its shares, and to keep them as treasury shares, because the Board of Directors or whoever delegates it believes that the share price in the market is less than its fair value, and the purchase will be financed through its financial resources and credit facilities, and the authorization of the Board of Directors The administration completes the purchase process within a maximum period of 12 months from the date of the Extraordinary General Assembly’s decision.

The company will keep the purchased shares for a maximum period of five years from the date of approval of the extraordinary general assembly, and after the expiration of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.

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