On March 21st, the Board of Directors of Sumou Real Estate Company recommended to the Extraordinary General Assembly to increase the company’s capital by granting free shares to shareholders through capitalizing SAR 125 million from retained earnings, with one share granted for every three shares.
In a statement to “Tadawul” today, Sunday, “Sumou” stated that the capital before the recommended increase is SAR 375 million and will become SAR 500 million after the increase.
It mentioned that the capital increase percentage is 33.33%, and the number of shares will be 50 million shares after the increase, compared to the current number of 37.5 million shares.
“Sumou” pointed out that the capital increase aims to support and strengthen the capital base and future activities of the company, contributing to achieving the targeted growth rates in the coming years.
The entitlement date for the free shares for the shareholders owning the shares will be the day of the Extraordinary General Assembly registered in the shareholders’ registry at the Securities Depository Center (EDAA) at the end of the second trading day following the date of the Assembly, which will be determined later.
In the event of fractional shares, the fractions will be aggregated into a single portfolio for all shareholders and sold at market price, and their value will be distributed to the eligible shareholders of the grant, each according to their share, within a period not exceeding (30) days from the date of determining the new shares eligible for each shareholder.
The grant is conditional upon the approval of the relevant official authorities and the Extraordinary General Assembly for the increase in capital and the number of granted shares.
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