Logo of Watani Steel
Watani Iron Steel Co.’s (Watani Steel) shareholders approved increasing the company’s capital by 50% through a one-for-two bonus share distribution during the extraordinary general meeting (EGM) held on June 6, as shown below:
|
Capital Increase Details |
|
|
Current Capital |
SAR 121.10 mln |
|
Number of Shares |
12.11 mln |
|
Percentage of Increase |
50% |
|
Method |
Distribution of one bonus share for every two shares held through capitalization of SAR 60.55 mln of retained earnings |
|
New Capital |
SAR 181.65 mln |
|
Number of Shares |
18.17 mln |
|
Reason |
Enhancing the company’s strategic growth plan and reinforcing its financial position and solvency |
|
Record Date |
June 6, 2023 (Shareholders registered with the Securities Depository Center Co. at the end of the second trading day following the record date) |
Shareholders also elected board members for the upcoming three-year term, starting on July 2, 2023, the company said in a statement to Tadawul.
The new members are Abdul Karim Alrajhi, Yousef Alturaif, Meshaal Alrajhi, Mashari Alrajhi, Mohamed Alwasiedy and Yasser Alzoman.
Shareholders further approved all other items on the meeting’s agenda including dividend distribution policy and corporate governance.
Meanwhile, they allowed Chairman Abdul Karim Alrajhi, Vice-Chairman Meshaal Alrajhi and the board member Mashari Alrajhi to engage in competitive business.
In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits today, June 7, for Watani Steel will be based on a share price of SAR 35.35 and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by June 11.
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