Aldrees Petroleum to raise capital

Aldrees Petroleum and Transport Services Company is holding its extraordinary general assembly meeting in Riyadh on March 5, according to its statement posted on Tadawul. The company’s board of directors has invited its shareholders owning 20 shares or more to attend the meeting.
Shareholders’ approval is being sought for the board’s recommendation to increase the company’s capital by 33.33 percent from SR300 million to SR400 million, the company stated. The number of shares will rise from 30 million to 40 million.
One bonus share is proposed for every 3 shares owned.
The increase will be carried out through capitalization of SR100 million from retained earnings and statutory reserves.
The company explained that the capital increase is being sought to cope with its business needs and future expansion.
It added that the bonus shares are eligible to the shareholders who are registered in the shareholder’s register of the Securities Depository Center (Tadawul) at the close of trading on the extraordinary general assembly day.