Date: 06/11/2022G
Announcement by Fish Fash Snack Food Factory Company Regarding the Board of Directors' Recommendation to Increase the Company's Capital Through Bonus Shares
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Introduction:
The Board of Directors of Fish Fash Snack Food Factory Company recommended in its meeting held on 09/04/1444 AH (corresponding to 03/11/2022G) to increase the company's capital by issuing bonus shares to the company's shareholders. This will be executed by capitalizing an amount of SAR 1,245,555 (One Million Two Hundred Forty-Five Thousand Five Hundred Fifty-Five Saudi Riyals) from the statutory reserve account, and capitalizing an amount of SAR 2,521,112 (Two Million Five Hundred Twenty-One Thousand One Hundred Twelve Saudi Riyals) from the retained earnings account. -
Board Meeting Date: 09/04/1444 AH, corresponding to 03/11/2022G
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Capital Before Increase: SAR 11,300,000
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Capital After Increase: SAR 15,066,667
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Percentage of Capital Increase: 33%
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Number of Shares Before Increase: 1,130,000 shares
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Number of Shares After Increase: 1,506,667 shares
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Reasons for Increase:
The capital increase aims to strengthen the company's financial solvency and support its capital base to align with the scope of its operations and future plans. -
Ratio of Bonus Shares Granted: One share for every three shares held.
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Nature and Value of Reserves Used in Capitalization:
Capitalizing SAR 1,245,555 from the statutory reserve account, and capitalizing SAR 2,521,112 from the retained earnings account. -
Eligibility Date:
Eligibility shall belong to the company's shareholders registered with the Securities Depository Center Company (Edaa) at the end of the second trading day following the Extraordinary General Assembly meeting date, which will be announced at a later time. -
Fractional Shares:
In the event of fractional bonus shares, they will be aggregated into a single portfolio for all eligible shareholders and sold at market price. The proceeds will then be distributed to eligible shareholders according to their respective entitlements within a period not exceeding 30 days from the date of determining the new shares due to each shareholder. -
Approvals:
The bonus share issuance is subject to obtaining the necessary approvals from official authorities and the Extraordinary General Assembly regarding the capital increase and the number of bonus shares granted.