Atlas Elevators shareholders approve 50% share issue
Atlas Elevated Lifts Association has approved a 50% capital increase for the company through the distribution of free shares, raising the total from 60 million riyals to 90 million riyals by issuing an additional 3 million shares. The increase will be financed by 30 million riyals from shareholders' equity, including 12.7 million riyals from share premium and 17.3 million riyals from retained earnings. Shareholders will have the right to receive one share for every two they own. Additionally, the association decided to amend the company's bylaws to accommodate the capital increase and to extend the holding period for treasury shares until September 2027.
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