Saudi Ceramic gets CMA nod for capital hike

Saudi Arabia’s Capital Market Authority (CMA) has approved Saudi Ceramic Company’s request to increase its capital by 20 percent to SAR 600 million from SAR 500 million, the regulator said in a statement.

The capital hike will be covered by transferring SAR 100 million from retained earnings to capital, which will increase outstanding shares to 60 million.

An extraordinary general assembly will be held within six months to approve the move, the CMA said.

Saudi Ceramic’s board of directors last month recommended the capital increase, which will be carried out through the issue of one bonus share for every five shares held.