News & insight

The National Shipping Company of Saudi Arabia (Bahri) announces the board’s recommendation to increase the capital by granting shares

07 FEB 2022

Date of Board Meeting 2022-02-06 Corresponding to 1443-07-05
Capital before increase SAR 3,937,500,000
Capital after increase SAR 4,921,875,000
Percentage of Capital increase 25 %
Number of shares before Capital increase 393750000
Number of shares after Capital increase 492187500
Reasons for the increase To strengthen the capital base of the company to be matched with the size of company assets and future projects.
Number of Shares Granted per Exiting Share one bonus share for every 4 shares owned
Nature and Value of Reserves Used in the Capitalization The increase will be through the capitalization of SAR 984,375,000 from Statutory reserve.
Eligibility Date The eligibility date shall be for shareholders owning shares by the end of trading day of the extraordinary general assembly meeting date (which will be announced later) and are registered at Depository Center at the end of the second trading day following the General Assembly Meeting date
Fractional Shares In case of bonus shares fractions; the company will collect all fractions in one portfolio to be sold at market price, the value will be distributed to eligible shareholders in pro rata base during 30 days from the allocation of new shares to each shareholder.
Approvals The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly meeting on the capital increase and number of granted shares.