Riyadh – Mubasher: Saudi authorities' arrears owed to Abdullah Abdul Mohsen Al-Khodari Sons Company have surpassed SAR 300 million, CEO Fawwaz AlKhodari stated.
The firm's debts exceeded the value of shares which will be issued during the capital hike scheduled to take place later, Al Khodari added during a phone interview with CNBC Arabia.
The CEO noted that capital increase will reduce Al Khodari’s debt overhangs, as well enable the firm to use its future inflows in boosting its expansion.
On 15 February, the firm’s board of directors recommended rising capital by SAR 458 million through issuing new shares.
