National Shipping of Saudi Arabia : Announces the Board’s Recommendation to...
March 15, 2023 at 02:20 pm IST
Share
15 MAR 2023
Element List
Explanation
Date of Board Meeting
2023-03-14 Corresponding to 1444-08-22
Capital before increase
4,921,875,000 SAR
Capital after increase
7,382,812,500 SAR
Percentage of Capital increase
50 %
Number of shares before Capital increase
492187500
Number of shares after Capital increase
738281250
Reasons for the increase
Increase in capital aligns with the Company's strategy to strengthen its capital base in line with future prospects for growth and expansion, and long-term value creation through investments in available opportunities.
Number of Shares Granted per Exiting Share
One bonus share for every 2 shares owned.
Nature and Value of Reserves Used in the Capitalization
The increase will be through capitalization of 351,749,161 Saudi Riyals from Statutory reserve and 2,109,188,339 Saudi Riyals from the retained earnings.
Eligibility Date
Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date
Fractional Shares
In case there were bonus shares fractions, the Company will collect all fractions in one portfolio for all shareholders to be sold at market price, then the amount will be distributed to eligible shareholders proportionately as per ownership percentage within a period not exceeding 30 days from the date of determining the due shares for each shareholder.
Approvals
The proposed grant is subject to obtaining necessary approvals from official authorities and Extraordinary General Assembly meeting on the capital increase and number of granted shares.
Bahri - The National Shipping Company of Saudi Arabia JSC published this content on 15 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2023 08:49:13 UTC.
National Shipping Company of Saudi Arabia SJSC is a Saudi Arabia-based entity which is primarily engaged in purchasing, selling and operating of vessels. The Companyâs activity also includes operating vessels for the transportation of cargo, and agencies for maritime shipping companies, cargo clearance, and consolidation for transport and storage on board vessels and all of the marine transport activities, etc. The Company is organized into four business segments which include crude oil transportation, chemicals transportation, logistics and dry bulk transportation. The Company's subsidiaries include National Chemical Carriers Company Limited, Bahri Bunge Dry Bulk DMCC, Bahri Bollore Logistics Company, Mideast Ship Management Limited, among others.