SASCO gets CMA nod for capital hike

The Saudi Capital Market Authority (CMA) has approved Saudi Automotive Services Co.'s request to increase its capital to SAR 600 million from SAR 540 million, through the issue of one bonus share for every nine shares held, the market regulator said in a statement.

The capital hike, which will be financed by capitalizing SAR 60 million from retained earnings, is pending regulatory and extraordinary general assembly approval.

Last month, SASCO's board of directors recommended an 11.11 percent capital increase to SAR 600 million from SAR 540 million to support current and future expansions and maintain solvency margin, Argaam reported.