Saudi Ceramics announces capital increase through issuing bonus shares

30/12/2014 14:01 AST

Saudi Ceramic Company announces that its board of directors has resolved in its meeting on Monday the 29.12. 2014 to recommend to the extra-ordinary general assembly the increase of capital from 375 million Saudi riyals to 500 million Saudi riyals being 33% increase through issuing 12.5 million shares with value of 125 million Saudi riyals and number of shares will increase from 37.5 million shares to 50 million shares the increase will be funded from retained earnings after the approval of extra-ordinary general assembly and the official bodies. This will be done through issuing 1 bonus share for every 3 existing shares owned by the shareholders & registered by the end of trading day on the date of the extra-ordinary general assembly. Each shareholder will receive whole number of shares the fractions will be combined and sold according to market price and the return will be distributed to all shareholders pro rata , the sale will be performed within 30 days of the date of distribution. The extra-ordinary general assembly date will be announced in due course after obtaining the relevant approvals from the official bodies. This increase in capital is in line with the growth of the company and to complement the expansion of its business and to assure the strength of the company financial position.

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