DRC: Recommendation to increase capital by 75% to 29.5 million riyals
Today, Tuesday, the Board of Directors of the Digital Research Company (DRC) recommended to the company’s General Assembly that the company’s capital be increased by 75% through the distribution of free bonus shares.
The company explained in a statement on "Saudi Arabia trading"After the increase, the capital will rise to 29.53 million riyals, and the number of shares to 2.95 million shares, indicating that the aim of the capital increase is to strengthen the company’s capital and support its financial position.
The increase will be carried out by granting three bonus shares to each shareholder who owns four shares, while the process will be financed by capitalizing the full share issuance premium amounting to 12.49 million riyals, and capitalizing part of the statutory reserve amounting to 158.28 thousand riyals.
The eligibility to obtain the bonus shares will be for the shareholders who own the shares on the day of the extraordinary general assembly and who are registered in the company’s shareholder registry with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the extraordinary general assembly in which the capital increase was decided.
It is noteworthy that the issuance of bonus shares is conditional on obtaining the approval of the competent official authorities and the approval of the extraordinary general assembly to increase the capital and the number of shares granted.
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