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Purity for Information Technology Co. has announced that its shareholders will vote on a board proposal to increase the company's capital by 33.3% during an Extraordinary General Meeting (EGM) scheduled for September 22. Under the proposed capital adjustment, the company's capital will rise from SAR 15 million to SAR 20 million, expanding the total outstanding shares from 15 million to 20 million shares through a 1-for-3 bonus share distribution funded by capitalizing SAR 5 million from retained earnings.
The capital expansion is designed to support Purity Tech's strategic growth plans, fund future operations, and strengthen its financial standing in the market. Fractional shares generated by the issuance will be consolidated into a single portfolio, sold at current market prices, and the proceeds will be distributed proportionately to eligible shareholders within 30 days of the transaction.
Investors on the Saudi Exchange (Tadawul) and Nomu Parallel Market will monitor the EGM vote and the record date eligibility. The move reflects ongoing corporate activity in the Saudi technology sector as companies utilize internal reserves to optimize their capital structures for long-term expansion.
