ARDCO gets CMA nod on capital hike

Saudi Capital Market Authority (CMA) approved Arriyadh Development Co.’s (ARDCO) request to increase capital by 33.33 percent to SAR 1.33 billion from SAR 1.78 billion through the issue bonus shares.

The process will be financed through capitalizing SAR 244.44 million from statutory deposit account and SAR 200 million from retained earnings account.

The capital hike is pending approval from the general assembly which should be held within six months from this approval. 

In February, The company’s board of directors recommended a 33.33 percent capital hike to SAR 1.33 billion from SAR 1.78 billion through the issue bonus shares, Argaam reported earlier.