ARDCO’s board recommends 33% capital raise

A 33.3% Capital raise of Arriyadh Development Company (ARDCO) (from SAR 10bn to SAR 13.3bn) was recommended in the extraordinary general assembly meeting held on 20/1/2014. The raised capital will be used to finance the company’s future expansions.

The Capital raise is to take place by issuing one bonus share to each 3 shares owned by registered shareholders, as SAR 333.3m of retained earnings will be capitalized.

By this issuance the number of outstanding shares will increase from 100,000,000 shares to 133,300,000 shares.