The logo of Edarat Company for Communications and Information Technology – Edarat
Today, the Capital Market Authority approved the company’s application Communications and information technology departments Increasing its capital from 12.6 million riyals to 25.2 million riyals by granting a free share for every outstanding share owned by shareholders registered in the issuer’s shareholder registry at the depository center at the end of the second trading day following the maturity date, the date of which the company’s board of directors will determine later.
The Authority explained in a statement today that the value of the capital increase will be paid by transferring an amount of 12.6 million riyals from retained earnings, and thus the number of shares will increase from 1.26 million shares to 2.52 million shares, an increase of 1.26 million shares.
The Authority stipulated that the date of the extraordinary general assembly should not exceed six months from the date of this approval, and that the company must complete the relevant procedures and legal requirements.
According to data numbersLast December, the Board of Directors of Edarat Company decided to increase the company’s capital by granting 100% free shares to the company’s shareholders, by granting one share for each share, with the aim of supporting and strengthening the capital base and future activities of the company.
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