Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Thursday approved a request by Almarai Company to increase its capital to SAR 10 billion from SAR 8 billion through the issuance of bonus shares, according to a bourse filing.
Almarai will issue one bonus share for every four existing shares owned by the registered shareholders at the end of the second trading day, following the due date which will be determined later by the company’s board, the statement showed.
The capital increase will be paid by transferring SAR 2 billion from the retained earnings to the company's capital account, which will lead to an increase in the company's outstanding shares to one billion shares from 800 million.
An extraordinary general meeting (EGM) will be held within six months from this approval date and the company should satisfy all regulatory requirements and applicable laws, according to the statement.
