12 September 2011
RIYADH: The Capital Market Authority (CMA) board has issued its resolution approving Saudi Hotels & Resorts Company's request to increase its capital from SR690 million to SR1 billion through issuing one bonus share for every 2.23 existing shares owned by the shareholders who are registered in the shareholders registry at the closing of trading on the day of the extraordinary general assembly.
RIYADH: The Capital Market Authority (CMA) board has issued its resolution approving Saudi Hotels & Resorts Company's request to increase its capital from SR690 million to SR1 billion through issuing one bonus share for every 2.23 existing shares owned by the shareholders who are registered in the shareholders registry at the closing of trading on the day of the extraordinary general assembly.
Such increase will be paid by transferring an amount of SR139 million from retained earnings account and an amount of SR170.93 million from consensual reserve to the company's capital, according to Tadawul website.
Consequently, increasing company's outstanding shares from 69 million shares to 100 million shares, by an increase of 30.99 million shares. The bonus shares eligibility is limited to the shareholders who are registered in the shareholders registry at the close of trading on the day of the extraordinary general assembly, which will be determined later by the company's board, and should be held within six months from the approval date.
© Arab News 2011
