Al Kathiri gets CMA approval for capital hike

09/05/2018 Argaam

 

The Capital Market Authority (CMA) on Wednesday approved Al Kathiri Holding Company's (Al Kathiri) request to increase its capital from SAR 31.29 million to SAR 37.67 million, through the issuance of one bonus share for every five existing shares.

 

The capital increase will be financed by transferring SAR 5.98 million from retained earnings and SAR 295,620 from statutory reserve to the company's capital, the market regulator said in a statement.

 

Al Kathiri outstanding shares will increase from 3.14 million to 3.68 million shares.

 

The company is required to hold the extraordinary general assembly within six months from the approval date and satisfy all regulatory requirements and applicable laws, the statement added.

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