The Capital Market Authority (CMA) has issued its resolution approving the request submitted by the National Shipping Company of Saudi Arabia to increase its capital from SAR 7,382,812,500 to SAR 9,228,515,620.
Capital Increase
The increase will be implemented through the issuance of one (1) bonus share for every four (4) existing shares owned by shareholders registered in the shareholders registry at the Securities Depository Center (Edaa) as of the closing of the second trading day following the due date, which will be determined at a later time by the Company’s board of directors.
This capital increase will be funded by transferring an amount of SAR 1,845,703,120 from the “Retained Earnings” account to the Company’s capital. As a result, the number of the Company’s outstanding shares will rise from 738,281,250 shares to 922,851,562 shares, reflecting an increase of 184,570,312 shares.
Extraordinary Assembly
The Company is required to hold an extraordinary general assembly within six months from the date of this approval. Additionally, it must fulfill all regulatory requirements and comply with applicable laws and regulations.
