CMA approves Mouwasat’s 100% capital increase via bonus shares

14/02/2023 Argaam
Logo ofMouwasat Medical Services Co.

Logo of Mouwasat Medical Services Co.

The Capital Market Authority (CMA) approved an application from Mouwasat Medical Services Co. to increase its capital by 100% from SAR 1 billion to SAR 2 billion, the market regulator said in a statement.

 

The capital will be raised through the issuance of one bonus share for every one share held by shareholders registered in the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by Mouwasat’s board.

 

The increase will be paid by transferring SAR 1 billion from the company’s retained earnings.

 

Accordingly, the total number of shares will increase by 100 million to 200 million. 

 

The CMA added that the company's extraordinary general assembly meeting (EGM) should be held within six months from this approval date, provided that Mouwasat shall satisfy all regulatory requirements and applicable laws.

 

In December Mouwasat’s board recommended raising capital by 100% through distributing one bonus share for every one share held, Argaam earlier reported.

 

The medical services provider’s board also proposed a 30% cash dividend, or SAR 3 per share, for 2022.

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