The General Assembly of Watani Steel Company for Iron and Steel, listed in the parallel market, approved the recommendation of the Board of Directors to increase the company’s capital by 50% by granting bonus shares to shareholders by granting one share for every two shares owned, as shown in the following table:
Current capital | 121.10 million riyals |
Number of Shares | 12.11 million shares |
Increase rate in the capital | 0.5 |
Increase method | Granting one share for every two shares owned, with a capitalization of 60.55 million riyals of retained earnings |
Capital after the increase | 181.65 million riyals |
The number of shares after the increase | 18.17 million shares |
Reasons for the increase | Enhancing the strategic growth plan and confirming the company's financial solvency and the strength of its financial position |
Due date | June 6, 2023 (for those registered in the company's shareholder register at the Depository Centre at the end of the second trading day following the due date) |
The company said, in a statement on Tadawul, that the General Assembly agreed to elect members of the Board of Directors from among the candidates for the next session, which starts from the date of July 02, 2023, and lasts for three years, ending on July 01, 2026.