Riyadh – Mubasher: Saudi Transport and Investment (Mubarrad) announced that the Saudi Ministry of Commerce and Investment has approved on Sunday, 21 August the 95% capital hike of its subsidiary Arabian Security & Safety Services Co. (AMNCO).
AMNCO capital will be raised to SAR 100 million from SAR 4.5 million, and consequently the shares will increase to 10 million shares from 450,000, according to a bourse filing on Monday.
The capital hike will be implemented through capitalizing SAR 95.5 million, of which SAR 81.24 million will be used from the retained earnings and SAR 14.26 million from the general reserve.
The capital increase is aimed at boosting the company’s assets and supporting its future investment plans.
