May 12. Aramco shareholders undertake to increase their capital by 25% by distributing one share for every 10 shares

Today, Thursday, Saudi Aramco’s board of directors invited shareholders to attend and vote at the extraordinary general meeting of 12 May 2022, to vote on the board’s recommendation to increase the company’s capital by distributing free shares to shareholders through the capitalization of 15 billion riyals of retained earnings.

Saudi Aramco stated in a statement on Saudi Tadawul that shareholders will be allotted a stake for every 10 shares owned in the company.

The capital of the company before the increase is 60 billion riyals and, if the increase is approved, it will become 75 billion riyals, an increase of 25%.

The number of shares of the company before the increase amounted to 200 billion shares and after the increase it will become 220 billion shares.

Aramco said that, through the capital increase, it aims to maximize total returns for shareholders by distributing sustainable and growing profits in in line with aspirations future and the growth of free cash flow, and creating more long-term value by investing in the many opportunities available to the company.

The eligibility of shares bonus it is up to the shareholders of the company who hold the shares at the end of the trading day of the extraordinary general meeting of the company and who are registered in the Saudi Aramco share register at the Securities Depository Center Company (Depository Center) at the end of the second trading day subsequent to the date of the extraordinary general meeting.

The shareholders also vote to amend article (6) of the articles of association relating to its capital.

Read More About: Business News