Makkah Construction and Development Co. — Share Issue/Capital Change 2024

Nov 3, 2024

Makkah Construction and Development Company announces the Board of Directors’ recommendation for capital increase by way of issuing bonus shares to shareholders.

4100 · 03/11/2024 08:27:24 · Announcement #83309 · View on Saudi Exchange

Makkah Construction and Development Company announces the Board of Directors’ recommendation for capital increase by way of issuing bonus shares to shareholders.

Element List	Explanation
Introduction	The board of Directors of Makkah Construction and Development Company recommended to the Extraordinary General Assembly to increase the Company’s capital through granting bonus shares. Each shareholder will be granted one bonus share for every (4.6844) shares owned approximately.
Date of Board Meeting	2024-10-31 Corresponding to 1446-04-28
Capital before increase	1,648,162,400
Capital after increase	2,000,000,000
Percentage of Capital increase	21.35 %
Number of shares before Capital increase	164816240
Number of shares after Capital increase	200000000
Reasons for the increase	This aligns with the Company’s aim to maximize shareholder’s total returns in line with future prospects, and long-term value creation through investments in available opportunities.
Number of Shares Granted per Exiting Share	Granting one share for every (4.6844) shares approximately
Nature and Value of Reserves Used in the Capitalization	The increase will be through capitalization of 351,837,600 Saudi Riyals from the retained earnings.
Eligibility Date	Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date
Fractional Shares	In case there were bonus shares fractions, the Company will collect all fractions in one portfolio for all shareholders to be sold at market price, then the amount will be distributed among the eligible shareholders proportionately as per ownership percentage within a period not exceeding 30 days from the date of determining the due shares for each shareholder.
Approvals	The proposed grant is subject to obtaining necessary approvals from competent authorities and Extraordinary General Assembly on the capital increase and number of granted shares.

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