The Capital Market Authority has announced its decision approving Thoub Al-Aseel Company’s request to increase its capital from 300 million riyals to 400 million riyals.
The Authority added in a press release in today’s date, Sunday, that the increase will take place through the free assignment of one share for every 3 existing shares held by shareholders registered in the issuer’s shareholders’ register at the Deposit Center at the end of the second trading day following the expiry date, the whose date will be determined by the company’s board of directors in a second time.
According to the press release, the value of the capital increase will be paid by transferring an amount of 42.912 million riyals from the item “other reserves” and an amount of 57.087 million riyals from the item “retained earnings”.
The statement clarified that the number of shares will increase from 30 million shares to 40 million shares after the increase, provided that the date of the extraordinary general meeting does not exceed 6 months from the date of tale approval, and that the company completes the relevant legal procedures and requirements.
The balance sheet of Thob Al Aseel Company showed a decrease in net profit after zakat and taxes during the second quarter of 2021 of 34.07% to 34.49 million riyals, compared to 52.32 million riyals in the same period of the year. 2020.
The company added in an earlier statement that net profit for the second quarter of questyear increased 146.88% over the first quarter of questyear, which amounted to 13.97 million riyals.
The company explained that the reason for the annual decrease in the second quarter net profit is mainly due to the decrease in sales of 13.30%, due to the signing by the company of a contract for the supply of medical supplies in the same quarter of the year. ‘last year.
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