Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Telecom Company (stc) approved the board’s proposal to increase the company’s capital by granting bonus shares.
The company’s capital will be raised by SAR 30 million or 150% to reach SAR 50 million from SAR 20 million, according to a stock exchange statement on Wednesday.
Hence, the number of shares will become 5 million, compared to 2 million shares prior to the capital increase.
The capital hike aims to support stc in achieving its growth and expansion strategy along with maximising its shareholders’ return through increasing and diversifying investments and seizing expected local and regional growth opportunities in the telecommunication and information technology sector.
The Tadawul-listed firm will capitalise SAR 30 million from the retained earnings by granting 1.5 shares for every owned share at the eligibility date.
During the first half (H1) of 2022, stc achieved net profits after Zakat and tax worth SAR 5.87 billion, higher by 1.71% than SAR 5.77 billion in H1-21.
