Saudi Arabia’s MIS shareholders greenlight 25% capital increase

The step will boost the company’s resources and growth rate

  
A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Moammar Information Systems (MIS) approved, during its meeting on Monday, increasing the company’s capital by 25% through the issuance of one bonus share for every four original shares.

The step will boost the company’s resources and growth rates over the coming years, according to a stock exchange statement on Tuesday.

The new capital will total SAR 200 million, up from SAR 160 million.

According to the disclosure, the hike will be carried out via capitalising SAR 40 million from the company’s reserve and retained earnings.

The bonus shares will be matured to equity holders on the EGM’s meeting and those registered on records at the end of the second day following the maturity date.

Earlier today, the Saudi Stock Exchange (Tadawul) announced that the fluctuation limits for MIS will be based on a share price of SAR 44.65 on Tuesday and the outstanding orders will be cancelled.

The Securities Depository Center (Edaa) will add the bonus shares into the investor’s portfolios before Thursday, 4 June.

Source: Mubasher

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