2023-04-16 06:42:00
The company intends to award one share for every 10 shares held
The Saudi Aramco Board of Directors called on shareholders to attend the Extraordinary General Assembly meeting on Monday, May 8, 2023, to vote on the Board of Directors’ recommendation to increase the company’s capital by distributing bonus shares to shareholders by capitalizing 15 billion riyals of retained earnings.
According to the company’s statement on “Saudi Tadawul”, today, Sunday, the increase will be through the granting of one share for every 10 shares owned in the company.
Aramco’s capital following the increase becomes 90 billion riyals, compared to the value of 75 billion riyals before the increase, with an increase of 20%.
The number of the company’s shares rises to 242 billion shares following the increase, compared to 220 billion shares before the increase.
Through the capital increase, the company aims to maximize total returns to shareholders by distributing sustainable and increasing profits in line with future aspirations and growth in free cash flow, and creating higher value in the long term by investing in the many opportunities available to the company.
In the event that there are fractional shares granted as a result of the capital increase, the fractions will be collected in one portfolio for all the company’s shareholders who are entitled to fractional shares and sold at the market price, then their value will be distributed among the shareholders entitled to fractional shares, each according to his share, within a period not exceeding 30 days from the date of determining the shares. payable to each shareholder.
The eligibility of the bonus shares shall be for the company’s shareholders who own shares at the end of the trading day of the extraordinary general assembly of the company and who are registered in the Saudi Aramco shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the extraordinary general assembly.
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