The Extraordinary General Assembly of the shareholders of Al-Andalus Real Estate Company, in its meeting yesterday, Wednesday, approved increasing the company's capital 33.33% by granting free shares, one share for every 3 shares.

The company explained, in a statement to ”Saudi Tadawul”, that the company's capital was approved to increase from SAR 700 million to SAR 933.33 million, through capitalization of 233. 33 million riyals, from the statutory reserve and retained earnings.33 million riyals, from the statutory reserve and retained earnings.

It indicated that the eligibility of the increase is for shareholders who own shares on the day of the Extraordinary General Assembly registered in the company's shareholders“ register, at the end of the second trading day following the date of the assembly.

The company noted that the capital increase aims to support and strengthen the capital base and future activities of the company.

The Assembly approved during the meeting the amendment of the dividend distribution policy, in addition to amending a number of articles of the company's articles of association.

The Saudi Tadawul announced the calculation of the volatility ratio for Andalus Real Estate Company's share based on the price of 22.16 riyals, in today's session, and cancel existing orders, provided that the Securities Depository Center (SDC) will add the grant shares to the shareholders” wallets before the start of trading on Monday, August 30, 2021.

The Saudi Capital Market Authority approved last June the request of Alandalus Real Estate Company to increase its capital by 33.3% by granting free shares.

The Saudi Capital Market Authority approved in June the request of Alandalus Real Estate Company to increase its capital by 33.3% through the granting of free shares.