Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Saudi Transport and Investment Company’s (Mubarrad) request for a capital increase, according to a statement released Tuesday.
Mubarrad submitted a request to boost its capital from SAR 180 million ($47.99 million) to SAR 240 million ($63.98 million) through the issuance of one bonus share for every three owned by registered shareholders by the end of trading of the extraordinary general meeting (EGM).
The capital boost will raise the transport company’s shares by 6 million to 24 million shares from 18 million shares.
The increase will be paid by transferring an amount of SAR 60 million from Mubarrad’s retained earnings account to its capital.
The eligibility for the bonus shares is limited to the shareholders registered at the end of trading of the EGM date, which will be determined later by Mubarrad’s board, and should be held within six months from the approval date, the CMA stated.
