CMA approves Al Samaani capital hike through bonus shares

21/03/2018 Argaam

Saudi Capital Market Authority (CMA) approved on Wednesday Al Samaani Factory for Metal Industries Co.’s request to increase capital to SAR 15 million from SAR 11.25 million by issuing one bonus share for every three shares held.

 

The capital hike will be paid by transferring an amount of SAR 3.75 million from retained earnings to the company's capital. This will increase the company’s outstanding shares to 1.5 million shares from 1.125 million shares, the market regulator said in a statement.

 

The extraordinary general assembly should be held within six months from this approval date and the company should satisfy all regulatory requirements and applicable laws, the statement added.

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