CMA nods to Qomel's capital top-up to SAR 70M via bonus shares

Logo of Qomel Co.

The Capital Market Authority (CMA) issued its no-objection today, March 10, for Qomel Co.’s application to increase its capital from SAR 35 million to SAR 70 million, through a 1:1 bonus issue.

Eligible shareholders are those registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by Qomel's board, the market regulator said in a statement.

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The capital top-up, according to CMA, will be funded by transferring SAR 32.6 million from shares premium and SAR 2.4 million from retained earnings to the company's capital.

Accordingly, Qomel’s share capital will appreciate from 3.5 million to seven million, an increase of 3.5 million shares.

The market regulator stated that the company's deciding extraordinary general meeting (EGM) should be held within six months of this approval date, provided that it satisfies all regulatory requirements and applicable laws.