Riyadh - Mubasher: ADES Holding Company has invited its shareholders to an extraordinary general meeting (EGM) scheduled for 28 October to vote on a board recommendation to increase the company’s capital by 100%.
The proposed capital hike will raise the total capital from SAR 1.12 billion to SAR 2.25 billion.
The increase will be executed through the capitalization of SAR 1.12 billion from the share premium account.
Under the proposal, shareholders will receive one bonus share for every one share currently owned. This move aims to support the company's long-term growth strategy, strengthen its capital base, and enhance shareholder returns.
Eligibility for the bonus shares will be for shareholders owning stock at the end of the EGM day on 28 October and who are registered with the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date.
Any resulting fractional shares will be consolidated and sold at market price, with proceeds distributed to eligible shareholders within 30 days.
The meeting will also address amendments to the company’s bylaws, including a proposal to adjust the nominal value of the share to SAR 1.
In September, the Capital Market Authority (CMA) greenlighted the transaction.
