Logo of Mohammed Hassan Al
Naqool Sons Co.


Mohammed Hasan Al Naqool Sons Co.’s board of directors, in a conference held today, Nov. 9, altered its suggestion to the remarkable basic conference (EGM) on raising capital through SAR 58 million rights problem, rather of reward share circulation.




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Key Figures of the Capital Hike

Current Capital

SAR29 mln

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Number of Shares

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2.9 mln

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Hike(%)

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200%

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New Capital

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SAR87 mln

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New Number of Shares

8.7 mln

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Method of Increase

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Offering rights concern worth SAR58 million


Record date (

investors owning the shares on the day of the amazing basic assembly that will choose to increase the capital by providing rights concern shares and who are signed up in the investor register at the Securities Depository Center at the end of the 2nd trading day following EGM date.


Driver

To make it possible for the business to execute its tactical and functional strategies and support its future growths.


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The capital boost is pending the approval of pertinent main authorities and the business’s EGM.
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The business will reveal later on the consultation of a monetary to handle the membership to the rights concern.

A statement will likewise be made when the capital boost demand file is sent to the Capital Market Authority (CMA) or when there are any future advancements in this regard, it included.

The business revealed on Aug. 25 that its board advised a 50 ?pital trek to SAR 43.5 million from SAR 29 million through capitalizing SAR 14.5 million from kept profits and part of the statutory reserve by dispersing one-for-two bonus offer shares.

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