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Capital Market Authority approves Ades capital increase
The Saudi Capital Market Authority approved a 100% increase in the capital of Addis Holding Company, raising it from 1.13 billion riyals to 2.26 billion riyals through the issuance of free bonus shares to shareholders at a rate of one share for every existing share. The purpose of this increase is to strengthen the company's capital base and support its future plans, with the understanding that the entitlement to shares will be determined later for shareholders registered in the company's records at the end of the trading day second after the ex-dividend date. The increase will be achieved by transferring amounts from the share premium account, thereby doubling the number of shares from 1.129 billion to 2.26 billion, without the need for external cash flows, aiming to improve liquidity and ensure capital levels align with the size of the assets and operations. The company must hold a non-ordinary general assembly meeting within six months of approval and complete the necessary regulatory procedures to ensure the implementation.
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