Al Tayyar changes bonus issue plan, allocates shares to employees
Al Tayyar Travel Group’s board of directors has changed its bonus share issue to two shares for every five shares held through distributing 83.9 million shares, the company said in a bourse statement on Monday.
In addition, a total of 6.49 million shares were allocated for the planned employee stock ownership plan (the long-term incentive plan), the travel group said, adding it will develop the mechanism required for the program.
On Feb. 27, Al Tayyar’s board recommended a 43 percent capital hike to SAR 3 billion from SAR 2.096 million through issuance of three bonus shares for every seven shares held, Argaam reported.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 2096.5 mln |
|
Number of shares |
209.65 mln shares |
|
Hike (%) |
43% |
|
Bonus shares |
83.86 mln (2 shares for every 5 shares held) |
|
Employee stock ownership plan |
6.49 mln shares |
|
New Capital |
SAR 3000 mln |
|
New number of shares |
300 mln shares |
|
Record date |
On the extraordinary general assembly meeting date |
|
Driver |
To finance expansions |
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