Al-Khodari shareholders to vote on capital hike on Nov. 27

Abdullah A. M. Al-Khodari Sons Company’s shareholders are set to vote on a proposed capital hike, on Nov. 27, 2018.

In June, the company’s board of directors amended its previous recommendation to raise capital by SAR 566 million instead of SAR 458 million through the issuance of new shares, according to data available on Argaam.

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.