2P gets CMA nod on 100% capital top-up via bonus shares

Logo of Perfect Presentation for Commercial Services Co. (2P)

The Capital Market Authority (CMA) approved Perfect Presentation for Commercial Services Co.’s (2P) application to increase its capital from SAR 150 million to SAR 300 million via a bonus issue, the market regulator said in a statement today, May 23.

Accordingly, one bonus share will be issued for each existing share 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 150 million from retained earnings. Thus, the company's share capital will increase by 150 million to total 300 million.

The CMA added that 2P’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.

According to data available on Argaam, 2P's board recommended last March a 100% capital hike via a one-for-one bonus issue, funded through capitalizing SAR 150 million from retained earnings.