A Bahri carrier
Shareholders of National Shipping Company of Saudi Arabia (Bahri) will vote on the board of directors’ recommendation to increase capital by 25% from SAR 3.94 billion to SAR 4.92 billion, through one share for every four shares held, during the extraordinary general meeting (EGM) scheduled for May 16.
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Key Figures of Capital Hike |
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Current Capital |
SAR 3.93 bln |
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Number of Shares |
393.7 mln |
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Hike (%) |
25% (one share for every four shares held) |
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New Capital |
SAR 4.92 bln |
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New Number of Shares |
492.2 mln |
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Driver |
Strengthening the company's capital base to match the size of its assets and future projects |
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Method of Increase |
Capitalizing SAR 984.37 million from the statutory reserve |
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Record Date |
May 16, 2022 (shareholders registered in the Securities Depository Center by the close of the second trading day following the record date) |
Fractional bonus shares, if any, will be collected in one portfolio and sold at market price, Bahri said in a statement to Tadawul. The sale proceeds will be distributed to eligible shareholders on a pro rata basis within 30 days from the allocation of shares to each shareholder.
The shareholders will also vote on dropping cash dividends for the second half of 2021, and on authorizing the board to distribute dividends on a quarterly or semi-annual basis for 2022.
Shareholders will also vote on amending Article 15 of the company's by-laws to raise the number of board of directors to 10 from nine.
E-voting on the agenda items will start on May 12.
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