Tunisia’s ceramics company SOMOCER has decided to grant free shares and increase its capital by an amount of 1,558,480 dinars (TND ) to bring it from 27,273,400 to 28,831,880 TND by capitalization of reserves.
According to the decision taken by the Board of Directors of the Company at its meeting on December 6, the Company will issue 1,558,480 new shares of 1 dinar each, to be given to former shareholders and assignees of traded allotments from December 23, 2013 by means of 2 new free shares for 35 old shares, says broker Mena Capital Partners (MCP).
Shareholders may exercise their rights, enjoying free new shares pursuant to the parity allocation defined above or by selling their traded allotments.
The 1,558,480 free shares carry rights to dividends as from 1 January 2014, according to the same source. New bonus shares will be traded on the stock exchange from December 23, 2013 on the same quotation line as the existing shares to which they will be assimilated.