Logo of Raoom Trading Co.
The Capital Market Authority (CMA) approved Raoom Trading Co.'s application to increase its capital from SAR 62.5 million to SAR 125 million, the market regulator said in a statement today, March 10.
The capital hike will be carried out through the issuance of one bonus share for every share held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, which will be determined later by Raoom's board.
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The capital increase will be funded by transferring SAR 62.5 million from retained earnings to the company's capital, according to the CMA. As a result, the number of shares will increase from 6.25 million to 12.5 million, reflecting an addition of 6.25 million shares.
The market regulator stated that the company's extraordinary general meeting (EGM) should be held within six months of this approval date, provided that the company satisfies all regulatory requirements and applicable laws.
Raoom’s board recommended a 100% capital increase on Feb. 10, distributing one bonus share for every share held, according to Argaam data.
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Capital Increase Details |
|
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Current Capital |
SAR 62.50 mln |
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Number of Shares |
6.25 mln |
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Percentage of Increase |
100% |
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New Capital |
SAR 125 mln |
|
New Number of Shares |
12.5 mln |
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Method |
1-for-1 bonus issue |
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Capitalization |
Capitalizing SAR 62.5 mln from retained earnings |
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Record Date |
Shareholders registered with Edaa by the close of the second trading day following the extraordinary general meeting (EGM), the date for which will be determined later |
|
Reason |
Strengthen financial position and align capital with growth plans |
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