Raoom gets CMA nod on capital increase to SAR 62.5 mln via bonus issue

Logo of Raoom Trading Co.

Raoom Trading Co. obtained the approval of the Capital Market Authority (CMA) to increase its capital from SAR 50 million to SAR 62.5 million, according to the authority’s website.

The capital increase will be implemented through a one-for-four bonus share distribution, to shareholders of record at the close of the second trading day after the record date that will be determined by the board later.

The increase will be paid through transferring SAR 12.5 million from retained earnings, to increase the number of shares from five million to 6.25 million.

The extraordinary general meeting (EGM) will be held within six months from the CMA approval date, the statement said, adding that the company will fulfill all relevant regulatory requirements and procedures.

On March 23, the board recommended a 25% capital increase to SAR 62.5 million, from SAR 50 million, through issuing one bonus share for every four shares held, Argaam reported.