ADDENDUM ANNOUNCEMENT FROM ADVANCED PETROCHEMICAL COMPANY REGARDING THE RESULTS OF THE 8TH EXTRAORDINARY GENERAL ASSEMBLY MEETING WHICH INCLUDES CAPITAL INCREASE (Second Meeting)
|Introduction||Following the announcement of advanced petrochemical company (“the company”) on Tadawul website on September 18, 2019 regarding the results of the 8th extraordinary general assembly meeting, which includes capital increase (second meeting), the Company would like to clarify that item No. (1) was approved as shown below:|
|Date of Posting the Previous Announcement of Development on Tadawul's Website||2019-09-18 Corresponding to 1441-01-19|
|Change on the Development||Item No. (1): Approved the recommendation of the Board of Directors to increase the company share capital through bonus shares by one share for every ten shares held (1:10) with the objective of adjusting the company share capital to its assets level and help support its future investment plans as shown below: |
1. The nominal value of the listed capital before the increase is SAR (1,967,940,000) and after the increase is SAR (2,164,734,000).
2. The number of shares before capital increase is (196,794,000) shares and after capital increase is (216,473,400) shares with an increase of 10%.
3. The increase will be through the capitalization of SAR (196,794,000) from its retained earnings account.
4. In the case of any bonus shares having fractions, these will be collected into one investment portfolio and will then be sold at market price within thirty days from the completion date of the allocation of the new shares.
5. The eligibility of these bonus shares shall be for the shareholders registered in the register of the Securities Depository Center at the end of second trading day following the date of the Extraordinary General Meeting.
|Financial Impact on the change||Nothing|
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.