‎Maharah shareholders approve capital hike to SAR 475 mln via bonus shares

‎Maharah shareholders approve capital hike to SAR 475 mln via bonus shares

Maharah Human Resources Co.’s shareholders approved a board recommendation to raise capital by 26.7% from SAR 375 million to SAR 475 million, during the extraordinary general assembly meeting (EGM) held on June 8.

Fraction Shares, if any, will be collected in a single portfolio to be sold at market price. The value will be distributed to eligible shareholders each by their share during 30 days from the allocation of new shares to each shareholder, the company said in a statement on Tadawul.

Meanwhile, shareholders approved allocating 2.5 million shares of the capital increase representing 5.3% of the total new capital for the purpose of setting up the company's employee share program (Long-Term Incentive Plan).

In addition, they authorized the board of directors to pay interim dividends for 2023 on a semi-annual or quarterly basis.

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits on Sunday June 11 for Maharah will be based on a share price of SAR 53.30 and the outstanding orders will be canceled.

Furthermore, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Tuesday June 13.