CMA approves Advanced Industries capital increase

07/12/2014 20:25 AST

The CMA Board has issued its resolution approving Saudi Advanced Industries Company's (SAIC) request to increase its capital from SAR (432,000,000) to SAR (500,000,000) through issuing one bonus share for every (6.35) 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 SAR (68,000,000) from the "Premium Reserve" account to the Company's capital. Consequently, increasing the Company's outstanding shares from (43,200,000) shares to (50,000,000) shares, by an increase of (6,800,000) 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. This approval is conditional on the Company satisfying the regulatory requirements of Companies Law and any other applicable laws.


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