CMA approves Al-Samaani’s capital hike to SAR 25 mln through bonus shares

The Capital Market Authority (CMA) approved a request from Al-Samaani Factory For Metal Industries Co. to increase its capital from SAR 15 million to SAR 25 million through the issue of 1 bonus share for every 1.5 shares held, the market regulator said in a statement.

Shareholders of record at the Security Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company’s board, are eligible for this increase.

The capital increase will be financed by transferring SAR 10 million from the shares premium account to the company's capital.

Accordingly, the company's outstanding shares will increase from 1.5 million shares to 2.5 million shares, an increase of 1 million shares.

The extraordinary general assembly shall be held within 6 months from the CMA’s approval date, the statement said, adding that the company will adhere to all regulatory requirements and applicable laws.

According to data available on Argaam, the company’s board of directors recommended last Nov. a 66.7% capital hike to SAR 25 million from SAR 15 million through issuance of bonus shares.