Logo of WSM for Information Technology Co.
The Capital Market Authority (CMA) greenlit today, March 10, WSM for Information Technology Co.'s request to top-up its capital by 10% from SAR 19.5 million to SAR 21.45 million through capitalization.
The move will be carried out by transferring SAR 1.95 million from the retained earnings account to the company's capital, according to the CMA website.
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Consequently, the number of outstanding shares will increase from 1.95 million to 2.14 million.
The deciding extraordinary general meeting (EGM) will be held within six months of the CMA’s approval date. The company should satisfy all regulatory requirements and applicable laws.
On Feb. 9, WSM's board of directors recommended a capital increase by 10%, to be financed from the company’s retained earnings. The top-up value will be allocated to the employee stock incentive program, according to Argaam data.
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