CMA approves Al Akaria’s capital hike through bonus shares

20/05/2018 Argaam

 

Saudi Capital Market Authority (CMA) approved on Sunday Saudi Real Estate Co.’s (Al Akaria) request to increase capital to SAR 2.4 billion from SAR 1.2 billion through the issue of one bonus share for every share held.

 

The capital hike will be paid by transferring an amount of SAR 730.026 million from the company’s statutory deposit account and SAR 469.974 million from provisional reserve account to the company’s capital. Consequently, increasing the Company's outstanding shares to 240 million shares from 120 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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