Al-Khodari amends capital hike recommendation to SAR 566 mln

Abdullah A. M. Al-Khodari Sons Company’s board of directors has amended its previous recommendation to raise capital by SAR 566 million instead of SAR 458 million through the issuance of new shares, it said in a bourse statement on Tuesday.

The board recommended a capital hike of up to SAR 309 million maximum instead of SAR 250 million, through issuance of new shares to vendors and partial or whole settlement of vendor liabilities.

They also approved amending a recommendation to increase capital by SAR 257 million maximum instead of SAR 208 million, through issuance of new shares and settlement of outstanding debts owed to major shareholder Abdullah A.M. Al Khodari Sons Investment Holding Company.

The holding company aims to boost its stake in the contractor signals providing strategic support for Al-Khodari, the statement added.

The board recommendations are pending approval from authorities and the extraordinary general assembly.

Last month, the Capital Market Authority has approved Al-Khodari's request to increase its capital from SAR 557.81 million to SAR 1.02 billion through debt conversion, Argaam reported.