CMA approves Riyadh Steel's capital hike to SAR 70M via bonus issue

14/05/2024 Argaam
Logo ofRiyadh Steel Co.

Logo of Riyadh Steel Co.

The Capital Market Authority (CMA) approved the application of Riyadh Steel Co. to increase its capital from SAR 50 million to SAR 70 million via a bonus issue, the market regulator said in a statement today, May 14.

 

Accordingly, four bonus shares will be issued for every 10 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 the company's board.

 

The capital top-up will be funded by transferring SAR 20 million from retained earnings. Thus, the company's share capital will increase by two million to a total of seven million.

 

The CMA added that Riyadh Steel’s extraordinary general meeting (EGM) should be held within six months from this approval date, provided the company satisfies all regulatory requirements and requisite procedures.

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