Saudi Automotive Services Co. (SASCO) announces an update on the board’s recommendation to increase the capital by granting bonus shares.

Saudi Automotive Services Co. (SASCO) announces an update on the board’s recommendation to increase the capital by granting bonus shares.

Element List

Explanation

Introduction

With reference to the announcement of Saudi Automotive Services Company (SASCO) on March 28, 2024 regarding the board’s recommendation to increase the capital by granting bonus shares. SASCO reports that on April 22, 2024, the company’s Board of Directors decided to amend the capitalization method to use the whole amount of the statutory reserve (83.1 million SAR) in addition to the amount (16.9 million SAR) of the retained earnings balance, instead of capitalizing the full amount (100 million SAR) from retained earnings.

Previous Announcement

Saudi Automotive Services Co. (SASCO) announces the board’s recommendation to increase the capital by granting bonus shares.

Date of Previous Announcement on Saudi Exchange’s Website

2024-03-28 Corresponding to 1445-09-18

Hyperlink to the Previous Announcement on the Saudi Exchange Website

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Latest Developments Of The Announced Event

Using the full amount of the statutory reserve (83.1 million SAR) in addition to the amount (16.9 million SAR) of the retained earnings balance instead of capitalizing the whole amount (100 million SAR) from retained earnings.

Reasons For The Delay on The Date of The Event Previously Announced