Al Kathiri Holding’s EGM approves 25% capital raise; fluctuation limit announced

Tadawul’s Securities Depository Center (Edaa) will deposit the new shares into the investor’s portfolios

  
Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

REUTERS/Mohamed Abd El Ghany
Riyadh – Mubasher: The shareholders of Al Kathiri Holding Company approved, during the extraordinary general meeting (EGM), a capital increase of 25% by granting one share for every four existing shares, according to a bourse filing on Thursday.

The capital will be raised to SAR 113.02 million distributed over 11.3 million shares, from SAR 90.41 million and 9.04 million shares prior to the increase.

Al Kathiri Holding will capitalise SAR 22.6 million for the capital hike, which aims to endorse the company’s financial position and meet future expansion plans.

In a separate disclosure, the Saudi Exchange (Tadawul) announced that the fluctuation limit for Al Kathiri Holding’s stock will be based on a share price of SAR 84.60.

Accordingly, the outstanding orders will be cancelled.

Tadawul’s Securities Depository Center (Edaa) will deposit the new shares into the investor’s portfolios by 28 June.

The Saudi Capital Market Authority’s (CMA) gave the green light for Al Kathiri Holding’s capital raise last month.

Source: Mubasher

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