Saudi Chemical gets CMA nod on capital hike through bonus shares

Saudi Arabia's Capital Market Authority (CMA) on Tuesday approved Saudi Chemical Co.’s request to increase its capital by 33.33 percent to SAR 843.2 million from SAR 632.4 million through the issue of bonus shares.

The capital hike aims to boost the company’s capital base and future activities.

The process will be financed through capitalizing SAR 210.8 million from retained earnings account.

The capital hike is pending approval from the general assembly which should be held within six months from this approval. 

Last month, the company’s board of directors recommended a 33.33 percent capital hike to SAR 843.2 million from SAR 632.4 million through the issue bonus shares, Argaam reported earlier.