‎ADES shareholders to vote on 100% capital increase on Oct. 28

ADES Holding Co. will hold an extraordinary general meeting (EGM) on Oct. 28 to vote on the board’s recommendation to double its capital by capitalizing SAR 1.13 billion from the share premium account, the company said in a Tadawul statement.

The increase will be carried out by issuing one bonus share for every share held, subject to shareholder approval.

Capital Increase Details

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Current capital

SAR 1.13 bln

Current No. of shares

1.13 bln

Capital after increase

SAR 2.26 bln

No. of shares after increase

2.26 bln

Nominal value

SAR 1

Increase percentage

100%, through one bonus share for every share held

Increase amount

SAR 1.13 bln

Source of capitalization

SAR 1.13 billion from the share premium account

Eligibility

Shareholders who own shares on the date of the EGM and are registered in the company’s shareholder register maintained by Edaa by the end of the second trading day following the eligibility date

Reason for increase

To support the company’s long-term growth strategy by strengthening its capital base and shareholders’ equity and supporting future growth and expansion plans

Any fractional shares will be aggregated into a single portfolio and sold at market price. The proceeds will be distributed proportionately among eligible shareholders within 30 days of determining each shareholder’s entitlement to the new shares.

Shareholders will also vote on amendments to Articles 7 of the company’s Articles of Association, relating to capital.

ADES Holding Co. will hold an extraordinary general meeting (EGM) on Oct. 28 to vote on the board’s recommendation to double its capital by capitalizing SAR 1.13 billion from the share premium account, the company said in a Tadawul statement.

The increase will be carried out by issuing one bonus share for every share held, subject to shareholder approval.

Capital Increase Details

Current capital

SAR 1.13 bln

Current No. of shares

1.13 bln

Capital after increase

SAR 2.26 bln

No. of shares after increase

2.26 bln

Nominal value

SAR 1

Increase percentage

100%, through one bonus share for every share held

Increase amount

SAR 1.13 bln

Source of capitalization

SAR 1.13 billion from the share premium account

Eligibility

Shareholders who own shares on the date of the EGM and are registered in the company’s shareholder register maintained by Edaa by the end of the second trading day following the eligibility date

Reason for increase

To support the company’s long-term growth strategy by strengthening its capital base and shareholders’ equity and supporting future growth and expansion plans

Any fractional shares will be aggregated into a single portfolio and sold at market price. The proceeds will be distributed proportionately among eligible shareholders within 30 days of determining each shareholder’s entitlement to the new shares.

Shareholders will also vote on amendments to Articles 7 of the company’s Articles of Association, relating to capital.