Al Othaim gets regulatory nod for capital increase

29/03/2018 Argaam

 

Tadawul-listed Abdullah Al Othaim Markets Co. has obtained regulatory approval of its planned capital increase.

 

The company seeks to increase its capital to SAR 900 million from SAR 450 million by issuing one bonus share per every share outstanding.

 

Shareholders of record on the record date (to be determined later by the company’s board, including those registered at the Securities Depository Center two days after this date) will be eligible to benefit from the capital hike.

 

The company will finance the move from capitalizing SAR 337.48 million from retained earnings and will tap SAR 112.2 from reserves.

 

An ad-hoc general assembly meeting shall be held within six months to look into the move.

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