ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE BOARD OF DIRECTORS RECOMMENDATION TO INCREASE THE COMPANY SHARE CAPITAL THROUGH THE ISSUANCE OF BONUS SHARES
Advanced Petrochemical Company is pleased to announce to its shareholders that, the Board of directors, during its meeting held on May 17th 2016, has recommended to the Extraordinary General Assembly Meeting (EGM) to increase the Company share capital through bonus shares as follows:
1.The Company share capital before the proposed increase is SAR 1,639.95 million, the Company capital after the proposed increase will be SAR 1,967.94 million, an increase of 20%.
2.The number of issued shares before the proposed increase in capital is 163.995 million shares, the number of issued shares after the proposed share capital increase will be 196.794 million shares.
3.The objective of this proposed share capital increase is to adjust the Company share capital to its assets level and help support its future investment plans.
4.The increase in the Company share capital will be realized through the distribution of one bonus share for every five shares owned.
5.The increase in the Company share capital will be executed through the capitalization of SAR 327.99 million from its retained earnings account.
6.This proposed bonus share issuance will be limited to the shareholders who are registered in the shareholders register in the Securities Depository Center (Tadawul) at the close of trading on the EGM day, which will be determined later by the Company.
Please note that in case of bonus shares fractions; the Company will collect these fractions in one portfolio then proceeds with selling these fractions over a period of 30 days from the completion of allocation of new shares.
The Company also wishes to draw the attention of shareholders that this bonus shares issuance is conditional on the approval from the official authorities and the shareholders in EGM to increase the Company share capital.