Intelligent Oud’s board recommends 20% capital hike through bonus shares

Intelligent Oud’s board recommends 20% capital hike through bonus shares

Riyadh – Mubasher: The board of Intelligent Oud Company for Trading has proposed, in its 28 April 2024 meeting, a capital increase by 20% to strengthen the firm’s finances and support its future expansion plans.

The board members recommended granting one bonus share for every five owned shares to capitalise SAR 3.25 million from the retained earnings, according to a bourse filing.

Therefore, the new capital will stand at SAR 19.50 million that is distributed over 1.95 million shares, compared with SAR 16.25 million and 1.62 million shares before the raise transaction.

The board recommendation is still subject to approvals from official authorities and the extraordinary general meeting (EGM).

The Capital Market Authority (CMA) approved the listing of Intelligent Oud’s shares on the Saudi Exchange (Tadawul) in June 2023, while the company started its trading on 2 October 2023.

Intelligent Oud’s board recommends 20% capital hike through bonus shares