Halwani shareholders approve 10% capital hike

Halwani Bros Co.’s shareholders approved on Aug. 5 a 10 percent capital hike to SAR 314.29 million from SAR 285.71 million through bonus shares (One share for every 10 outstanding shares), the firm said in a bourse statement.

The process will take place through capitalizing SAR 28.57 mln from the retained earnings account, it said.

This step aims to boost the firm’s capital in order to match its business size and keep pace with future plans, the statement said.

Shareholders of record at the general assembly meeting, including those registered at the Securities Depository Center (Edaa) two days after this date, will be eligible to receive the bonus shares, it added.