Abo Moati receives CMA nod on capital hike

Saudi market regulator, the Capital Market Authority (CMA), approved the request of Abdulla Saad Abo Moati for Bookstores Co. to increase capital by 25 percent to SAR 200 million from SAR 160 million through the issue of bonus shares at 1-for-4.

The capital hike will be financed through capitalizing SAR 28.76 million from retained earnings account and SAR 11.24 million from statutory reserve, according to a CMA statement.

The number of shares will be increased by 4 million from 16 million to 20 million shares.