SASCO gets Saudi regulator approval for SAR 90 mln capital raise

Saudi Automotive Services Company (SASCO) received the approval of Saudi Arabia’s Capital Market Authority (CMA) for a 20 percent capital raise from SAR 450 million to SAR 540 million.

The capital raise will take place through the issuance of one bonus share to each five shares held by registered shareholders, as SAR 40 million of statutory reserve and SAR 50 million of retained earnings will be capitalized.

Eligibility will be for registered shareholders on the day of the general assembly meeting, which should be held within six months of the regulator’s approval.

The CMA said its approval of the offer should never be considered as a recommendation to invest in the company.