The Clap STC (7010) shareholders agreed during the general assembly to increase the company’s capital by 150% by issuing bonus shares to STC shareholders.
The Deets The company aims to increase capital to SAR 50 billion, equivalent to SAR 5 billion, instead of SAR 20 billion, equivalent to 2 billion shares. The increase will be through issuing 1.5 shares for each share held by the shareholder at the time of vesting.
Why this Matters The capital increase aims to help STC develop the company further through diversifying investments with the aim of maximizing the total return for shareholders.
In addition to that, the company wants to seize expected growth opportunities in the telecom and information technology sectors locally and regionally.
Related News STC’s general assembly agreed to partner with the Saudi Public Investment Fund to establish a company that is specialized in the field of Internet of Things, with an initial capital of SAR 500 million.