The General Assembly of Budget Saudi Arabia approves an increase in capital to 1.04 billion riyals
The Board of Directors of the United International Transportation Company (Budget Saudi Arabia) announced the results of the extraordinary general assembly, including the increase in the company’s capital (the second meeting), which was held last Thursday.
The company said in a statement on its website "Saudi Arabia trading"The results of the vote on the Assembly’s agenda included: Approval of the Board of Directors’ recommendation to increase the company’s capital through the issuance of 26,375,556 new shares, as follows:
A. Granting 26,055,556 shares as bonus shares to shareholders at the rate of one significant share for every three outstanding shares, representing 33.33% of the increase in the company’s capital.
B. Allocating 320,000 shares of capital increase shares, representing 0.41% of the capital, for the purpose of allocating them to the long-term employee incentive stock program (if Clause No. (40) is approved).
C. Capital before the increase: (781,666,680) riyals.
C. Capital after the increase (1,045,422,240) riyals.
C. The percentage of increase. In capital: (33.74%).
h. Number of shares before the increase: (78,166,668) shares.
h. Number of shares after the increase: (104,542,224) shares.
D. Reasons for the increase to support the company’s growth and enhance its financial position.
D. The nature and value of the reserves that will be used in the capitalization issue (263,755,560) riyals from the balance of retained earnings.
T. Details of the method of dealing with fractional shares. In the event that there are fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, and then their value will be distributed to the shareholders eligible for the grant, each according to their share, within a period not exceeding 30 days from the date of determining the shares entitled to each shareholder.
G. Eligibility date: If the company’s shareholders agree at the assembly meeting The eligibility for the extraordinary general assembly to increase the capital will be for shareholders who own shares at the end of trading on the day of the company’s extraordinary general assembly meeting and who are registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the meeting.
S. Approval of amending Article (Seven) of the company’s bylaws, related to (the company’s capital).
S. Authorizing the Board of Directors or any person authorized by the Board of Directors to issue any decision. Or take any action that may be necessary to implement any of the decisions related to increasing the capital.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
