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Al Muneef General Assembly approves 50% capital boost
The Extraordinary General Assembly of Al Munif Company approved a 50% increase in the company's capital through the issuance of bonus shares. The capital was raised from 38 million SAR to 57 million SAR by capitalizing 19 million SAR of retained earnings. The free shares will be granted at a rate of one share for every two existing shares, with eligibility rights for shareholders registered at the end of the second trading day after the assembly. Any fractional shares will be handled by selling them in the market and distributing the proceeds to shareholders within 30 days. Additionally, some articles of the company's bylaws were amended, and the financial statements and Board of Directors' reports for the fiscal year 2025 were approved. A new auditor was also appointed with a fee of 420,000 SAR. The Board was authorized to distribute interim profits during 2026.
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