Riyadh - Mubasher: The Capital Market Authority (CMA) greenlighted ADES Holding Company’s capital increase to SAR 2.25 billion from SAR 1.12 billion.
The expansion will be executed through the issuance of one bonus share for every one existing share held by registered shareholders.
Under the terms of the approval, the total number of the company's shares will rise from 1.12 billion to 2.25 billion shares. The capital hike, totaling SAR 1.12 billion, will be funded by transferring the required amount from the company's statutory share premium account.
Eligibility for the bonus shares is restricted to shareholders registered with the Securities Depository Center at the end of the second trading day following the record date, which will be determined by the board of directors at a later time.
ADES Holding is required to convene an extraordinary general assembly to finalize the increase within six months of the CMA approval date, subject to the completion of all relevant regulatory procedures and requirements.
