Today, Thursday, Saudi Aramco will hold Extraordinary General Assemblywhere the shareholders participate in voting on the Board of Directors’ recommendation to increase the company’s capital through the distribution of shares granted to shareholders through the capitalization of 15 billion riyals of retained earnings.
According to a previous Aramco statement published on the Saudi Tadawul, shareholders will be granted one share for every 10 shares owned in the company.
The company’s capital before the increase is 60 billion riyals, and if the increase is approved, it will become 75 billion riyals, an increase of 25%.
The number of the company’s shares before the increase amounted to 200 billion shares, and following the increase it will become 220 billion shares.
Aramco stated that, through the capital increase, it aims to maximize the 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.
The eligibility of the bonus shares is for the shareholders of the company who own the shares at the end of the trading day of the extraordinary general assembly of the company and who are registered in the register of Saudi Aramco shareholders with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the extraordinary general assembly.
Shareholders also vote to amend Article (6) of the company’s articles of association related to its capital.
