Al Tayyar Travel Group declares the decision of its board of directors as per the resolution of Tuesday 22/3/1436 AH (13/1/2015) as follows:
Increasing the capital of the company from SR 1500 million to SR 2000 million, increase at a rate of 33.33% in the capital which will be financed from SR 500 million undistributed profits as shown in the financial position of the company on 31/12/2014.
The number of shares before the increase was 150 million shares and will be 200 million; an increase of 50 million shares at a rate of one free share for every existing three shares.
The right of the shares will be to the shareholders registered on the company’s share registry with Tadawul by the end of the trading on the day of the meeting of company’s shareholders, the date determined after obtaining the required approvals from the concerned authorities.
The objective of the capital increase is to support the future expansions of the company.
The company will take all measures to obtain the approval of the concerned authorities together with approvals of the general assembly of the shareholders.
In case there are share fractions after distributing the bonus shares to the rightful shareholders then these fractions will be accumulated in the portfolio and sold in the market and the value will be transferred to the accounts of the rightful shareholders by the end of Tadawul trading on the day of General Assembly meeting within 30 days from the date of the allocation of the bonus shares.