Makkah Construction and Development Co. — Capital/Financing Update 2024

Dec 2, 2024

Makkah Construction and Development Co. Announces an update on the Board of Directors’ recommendation to increase the company’s capital by granting free shares to shareholders.

4100 · 02/12/2024 15:59:27 · Announcement #83974 · View on Saudi Exchange

Makkah Construction and Development Co. Announces an update on the Board of Directors’ recommendation to increase the company’s capital by granting free shares to shareholders.

Element List	Explanation
Introduction	With reference to the announcement of Makkah Construction and Development Company (“the Company”) on the Saudi Stock Exchange website on 03/11/2024 (corresponding to 01/05/1446 AH) regarding the Board of Directors’ recommendation to increase the Company’s capital by granting free shares to shareholders in the amount of (351,837,600) Saudi Riyals from retained earnings. The Company announces the issuance of its Board of Directors’ Resolution No. (297) dated 02/12/2024 (corresponding to 01/06/1446 AH) amending the recommendation referred to in the previous announcement, so that capitalization will be from the statutory reserve balance instead of retained earnings balance. The Board also recommended transferring the remaining statutory reserve balance, amounting to (484,443,085) to the retained earnings balance.
Previous Announcement	Makkah Construction and Development Company announces the Board of Directors’ recommendation to increase the company’s capital by granting free shares to shareholders.
Date of Previous Announcement on Saudi Exchange’s Website	2024-11-03 Corresponding to 1446-05-01
Hyperlink to the Previous Announcement on the Saudi Exchange Website	Click Here
Latest Developments Of The Announced Event	Amending the Board's recommendation to the Company's shareholders to increase the capital by granting free shares to be from the statutory reserve balance instead of the retained earnings balance.

The value of the increase remains the same (351,837,600) Saudi Riyals. For clarification, the percentage of the increase in capital is (21.347265293%), by granting (0.21347265293) share for every (one) share owned.

The grant is conditional upon obtaining the approval of the competent official authorities and the Extraordinary General Assembly on the increase in capital and the number of shares granted. The costs associated with the event, and if they have changed or not with indication of the reasons. Nothing Additional Information The company also indicates that the Board recommended transferring the remaining balance of the statutory reserve, amounting to (484,443,085) Saudi Riyals, to the retained earnings balance, this recommendation is subject to the approval of the company’s shareholders, and will be presented as a separate item to the Extraordinary General Assembly for voting.

The Capital Market Authority and Saudi 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.