CMA nods to ACWA Power’s capital top-up via 1:500 bonus issue

ACWA Power wind turbine power generator

The Capital Market Authority (CMA) approved an application from ACWA Power Co. to increase its capital from SAR 7.31 billion to SAR 7.32 billion through a 1:500 bonus issue, the market regulator said in a statement picked up by Argaam.

Accordingly, one bonus share will be issued for every 500 shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by ACWA Power’s board.

The capital top-up will be funded by transferring SAR 14.62 million from retained earnings. Thus, the company's share capital will increase by 1.46 million to 732.6 million.

The CMA stated that the company's extraordinary general meeting (EGM) should be held within six months of the approval date, provided that it satisfies all regulatory requirements.

ACWA Power’s board of directors recommended last February increasing the company’s capital by SAR 14.62 million through a 1-for-500 bonus issue, according to Argaam's data.