Riyadh – Mubasher: Saudi Capital Market Authority (CMA) has approved raising capital of Abdullah A. M. Al-Khodari Sons Company through debt conversion.
Al-Khodari’s capital will increase to SAR 1.02 billion, from SAR 557.81 million, according to the CMA’s statement to the Saudi Stock Exchange (Tadawul).
The capital hike is subject to the firm’s extraordinary general meeting's (EGM) approval and completing regulatory procedures,
the Saudi financial regulatory authority noted.
“A shareholders' circular will be published clarifying reasons for the capital increase and its objectives within sufficient time prior to the Extraordinary General Assembly Meeting to enable shareholders to vote on the capital increase through debt conversion,” the statement added.
Al-Khodari had previously reported a loss decline of 28.26% to SAR 12.746 million in the first three months of 2018, compared to SAR 17.767 million during Q1-17.
The stock fell 1.1% to close Monday at SAR 8.07.
