Alpeco shareholders approve 36% capital boost
Shareholders of Abico Corporation approved a 36% capital increase through the distribution of free shares to shareholders, aimed at supporting expansion plans, strengthening the financial position, and motivating employees. The capital was increased from 75 million riyals to 102 million riyals, with one free share granted for every three shares owned, bringing the total number of shares to 10.2 million. Additionally, shareholders approved allocating a portion of the new shares as treasury shares to support long-term incentive programs. The meeting also approved significant amendments to the company's bylaws concerning its objectives, capital, and policies for buying and selling shares. There was strong approval for modifying the reward policies and authorizing the board of directors to organize stock incentive programs for employees.
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