Alkhaleej Training gets Saudi regulatory approval for capital raise

12/03/2015 Argaam
Saudi Arabia’s market regulator, the Capital Market Authority (CMA), approved on Thursday Alkhaleej Training and Education Company’s request to raise its capital from SAR 350 million to SAR 400 million.
 
The company plans to issue one bonus share for every seven existing shares owned by registered shareholders by the date of the extraordinary general assembly meeting. 
 
The company will transfer SAR 50 million from its retained earnings account to its capital to pay for the increase. 
 
Shares will be increased from 35 million to 40 million.
 
Bonus shares eligibility is limited to shareholders who are listed in the company’s registry at the close of trading on the day of the extraordinary general assembly, which will be determined later by the company's board.
 
The assembly meeting should be held within six months from the approval date, according to market rules. 
 
The CMA’s approval is conditional on the group satisfying regulatory requirements and any other applicable laws.

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