CMA approves Al Khaleej Training capital hike through bonus shares

Saudi Arabia’s Capital Market Authority (CMA) on Sunday said it has approved Al Khaleej Training and Education Company's (Al Khaleej Training) request to increase its capital from SAR 400 million to SAR 450 million, through issue of one bonus share for every eight existing shares owned by the shareholders.

The capital hike will be paid by transferring an amount of SAR 50 million from the “retained earnings" account to the company's capital, the CMA said in a statement.

This will increase the company's outstanding shares from 40 million to 45 million shares.

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.

Last month, Al Khaleej Training’s board of directors has recommended increasing capital by 12.5 percent, with the aim to fund expansions and establish educational projects.