Riyadh – Mubasher: Mouwasat Medical Services Company’s board of directors recommended raising capital by 100% through bonus shares on Monday, 29 January.
The company’s capital will increase to SAR 1 billion, up from SAR 500 million, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).
Mouwasat’s shares will rise to 100 million from 50 million.
Capital hike aims to boost the firm’s strategic development plan in its assets, expansion in medical network, affirm solvency, and the strength of its financial position.
Giving bonus shares will be for eligible shareholders on the date of the extraordinary general meeting (EGM), as well as they will be subject to regulatory approvals.
The EGM’s date will be specified later.
On Monday, Mouwasat’s board recommended distributing cash dividends at SAR 3 per share for 2017.
Mouwasat's stock inched down 0.43%, closing Monday at SAR 163.
