CMA nods to Amlak’s capital hike to SAR 1.02B via bonus shares

Logo of Amlak International Finance Co.

The Capital Market Authority (CMA) approved an application from Amlak International Finance Co. to increase its capital from SAR 906 million to SAR 1.02 billion through a bonus issue, the market regulator said in a statement today, March 28.

Accordingly, one bonus share will be issued for every eight shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later.

The capital top-up will be funded by transferring SAR 11.32 million from retained earnings and SAR 101.93 million from the statutory reserve. Thus, the company's share capital will increase by 11.33 million to 101.93 million.

The CMA stated that the company's extraordinary general meeting (EGM) should be held within six months of the approval date, provided that the company satisfies all regulatory requirements and applicable laws.

Amlak’s board of directors recommended recently increasing the company’s capital from SAR 906 million to SAR 1.01 billion through a 1-for-8 bonus issue, according to Argaam's data.