Halwani receives regulatory approval on capital raise

The Capital Market Authority (CMA) has approved Halwani Bros Co.’s request to increase capital from SAR 285.7 million to SAR 314.3 million through issuing bonus shares at 1-for-10, according to a statement.

The increase will be financed by transferring a sum of SAR 28.5 million from retained earnings to the company's capital. Halwani's outstanding shares will be increased by 2.9 million shares from 28.57 million to 31.43 million.

In March, Halwani’s board of directors recommended a 10 percent capital hike to SAR 314.29 million from SAR 285.71 million through the issue of bonus shares. The capital hike aims to boost the company’s capital to match its business size and future plans, Argaam previously reported.