CMA OKs Academy of Learning 50% capital hike via bonus issue

Logo of Academy of Learning Co.

The Capital Market Authority (CMA) approved the request submitted by Academy of Learning Co. (AOL) to increase its capital from SAR 60 million to SAR 90 million through a one-for-two bonus share distribution, the market regulator said in a statement today, May 29.

Eligible shareholders are registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be set later by the company's board later.

The capital increase will be funded by transferring SAR 30 million from retained earnings. Thus, the company's shares will increase by 30 million to 90 million.

The CMA added that AOL’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.

Earlier this month, AOL’s board greenlit the capital increase to focus on the company’s growth and expansions, Argaam earlier reported.