Logo of United International Transportation Co. (Budget Saudi)
United International Transportation Co. (Budget Saudi) shareholders will vote on the board recommendation to increase capital by 33.74% from SAR 781.7 million to SAR 1.045 billion, during an extraordinary general meeting (EGM) to be held on Feb. 19, the company said in a statement to Tadawul. 
The company will distribute 26.1 million bonus shares at one-for-three, making 33.33% of the planned capital hike. It will also allocate an additional 320,000 shares, representing 0.41% of post-increase capital, to be allocated for the long-term employee stock incentive program.
Capital Increase Details
Current Capital
SAR 781.7 mln
Number of Shares
78.2 mln
Percentage of Increase
33.74 %
New Capital
SAR 104.5 bln
New Number of Shares
104.5 mln
Method
– Distributing 26.1 mln bonus shares at one-for-three, representing 33.33% of post-hike capital
– Allocating an additional 320,000 shares, or 0.41% of post-increase capital, for the long-term employee stock incentive program
Value of Reserve
Capitalizing SAR 263.8 mln from retained earnings
Record date
Shareholders registered with Edaa by the end of the second trading day following the EGM date
Reason
To support the company’s growth and boost its financial position
Fractional shares, if any, will be compiled into one portfolio for shareholders and will be sold at market price. The proceeds will then be distributed to eligible shareholders pro rata, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.
Shareholders will also vote on amending a number of articles of association, establishing a long-term employee stock incentive program, authorizing the board of directors to set the terms and provisions for the program and conducting any future amendments to it, and taking all necessary procedures to implement it in accordance with laws and regulations.
According to Argaam‘s data, Budget Saudi’s board of directors, on June 4, recommended a 33.74% capital increase from SAR 781.7 million to SAR 1.04 billion, according to a statement to Tadawul. The company obtained the approval of the Capital Market Authority (CMA) on the capital top-up last November.
Logo of United International Transportation Co. (Budget Saudi)
United International Transportation Co. (Budget Saudi) shareholders will vote on the board recommendation to increase capital by 33.74% from SAR 781.7 million to SAR 1.045 billion, during an extraordinary general meeting (EGM) to be held on Feb. 19, the company said in a statement to Tadawul.
The company will distribute 26.1 million bonus shares at one-for-three, making 33.33% of the planned capital hike. It will also allocate an additional 320,000 shares, representing 0.41% of post-increase capital, to be allocated for the long-term employee stock incentive program.
Capital Increase Details
Current Capital
SAR 781.7 mln
Number of Shares
78.2 mln
Percentage of Increase
33.74 %
New Capital
SAR 104.5 bln
New Number of Shares
104.5 mln
Method
– Distributing 26.1 mln bonus shares at one-for-three, representing 33.33% of post-hike capital
– Allocating an additional 320,000 shares, or 0.41% of post-increase capital, for the long-term employee stock incentive program
Value of Reserve
Capitalizing SAR 263.8 mln from retained earnings
Record date
Shareholders registered with Edaa by the end of the second trading day following the EGM date
Reason
To support the company’s growth and boost its financial position
Fractional shares, if any, will be compiled into one portfolio for shareholders and will be sold at market price. The proceeds will then be distributed to eligible shareholders pro rata, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.
Shareholders will also vote on amending a number of articles of association, establishing a long-term employee stock incentive program, authorizing the board of directors to set the terms and provisions for the program and conducting any future amendments to it, and taking all necessary procedures to implement it in accordance with laws and regulations.
According to Argaam‘s data, Budget Saudi’s board of directors, on June 4, recommended a 33.74% capital increase from SAR 781.7 million to SAR 1.04 billion, according to a statement to Tadawul. The company obtained the approval of the Capital Market Authority (CMA) on the capital top-up last November.
