Aldrees gets regulatory nod on capital hike

The Capital Market Authority’s (CMA) approved on Tuesday the Aldrees Petroleum and Transport Services Co.’s capital hike request, the company said in a statement to the Saudi bourse.

Aldrees plans to increase its capital from SAR 400 million to SAR 500 million by issuing one bonus share for every four existing shares owned by registered shareholders.

The company will pay for the capital raise by transferring SAR 100 million from retained earnings to capital, it said. Shares will be increased from 40 million to 50 million.

Only shareholders registered by the date of the extraordinary general assembly meeting will be eligible. The meeting must be held within the next six months, based on CMA guidelines. The date  of the meeting, however, is yet to be determined.