Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) approved the capital increase proposal submitted by Saudi Marketing Company (Farm Superstores).
Earlier, the company’s board of directors put forward increasing capital by 28.57% to SAR 450 million from SAR 350 million through distributing two-for-seven bonus shares.
The top-up will be financed through capitalising SAR 100 million from retained earnings, the company said in a statement to Tadawul.
The number of shares will increase by 10 million to 45 million shares.
This move aims to provide financing for the company’s activities and launching new branches.
