Saudi Automotive Services Co.’s (SASCO) board of directors recommended an 11.11 percent capital increase to SAR 600 million from SAR 540 million, through the issue of one bonus share for every nine shares held.
The capital hike, which will be financed by capitalizing SAR 60 million from retained earnings, aims to support current and future expansions and maintain solvency margin, SASCO said in a statement to Tadawul.
The capital hike is pending regulatory and general assembly approval.
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Key Figures of Capital Hike |
|
|
Current Capital |
SAR 540 mln |
|
Number of shares |
54 mln shares |
|
Reduction (%) |
11.11% (1 for every 9 shares) |
|
New Capital |
SAR 600 mln |
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New number of shares |
60 mln shares |
|
Driver |
Financing expansions and maintaining solvency margin |
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