Al Moammar gets CMA nod on 25% capital hike to SAR 250 mln

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Al Moammar Information Systems Co. (MIS) obtained today, March 10, 2021, the approval of the Capital Market Authority (CMA) for its request to increase capital by 25% to SAR 250 million from SAR 200 million, through issuing one bonus share for every 4 shares held, the market regulator said in a statement.

The capital will be raised by transferring SAR 50 million from retained earnings and statuary reserve, the CMA said, adding that the number of shares will be increased from 20 million to 25 million.

The company's board of directors recommended, in a meeting held last January, a 25% capital increase to SAR 250 million through issuing one bonus share for every 4 shares held.

Eligibility for the bonus share distribution will be for shareholders owning the shares on record date in the register of shareholders at Edaa by the end of second trading day after record date.

The capital top-up is also pending the approval of the company's extraordinary general assembly meeting (EGM), which shall be held within six months from this approval date.

The move aims to boost MIS capital, in light of its future plans and operations.