Arab Sea’s board approves subsidiary’s capital increase to SAR 15 mln

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co.’s (Arab Sea) board of directors approved by circulation a request by one of its subsidiaries, Arab Sea Financial Co., to raise its capital from SAR 5 million to SAR 15 million. 

The company explained in a statement on Tadawul that the process will be done through capitalizing the incorporation expenses, while covering the remaining amount from Arab Sea’s resources in order to support the subsidiary’s financial position. 

The move comes due to the company's strategic direction to start the digital payments activity, as the subsidiary has completed all the requirements for establishing and obtaining the final license from the Saudi Central Bank (SAMA), the statement added, noting that the financial impact will be announced later.