CMA nods to Burgerizzr’s capital hike to SAR 56M via bonus issue

Logo of Shatirah House Restaurant Co. (Burgerizzr)

The Capital Market Authority (CMA) approved Shatirah House Restaurant Co.’s (Burgerizzr) request to raise capital from SAR 35 million to SAR 56 million via a 3:5 bonus issue.

In a statement today, Aug. 5, the market regulator said bonus shares will be eligible to shareholders registered with the Securities Depository Center Co. (Edaa) by the end of the second trading day following the record date, which will be determined later by the company's board of directors.

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The planned capital hike will be funded by capitalizing SAR 21 million from the company’s retained earnings account. Consequently, the number of the company's outstanding shares will rise from 35 million to 56 million.

The deciding extraordinary general meeting (EGM) shall be held within six months from this approval date and the company shall satisfy all regulatory requirements and applicable laws.

According to Argaam’s data, Burgerizzr’s board recommended, on Feb. 16, a 60% capital increase from SAR 35 million to SAR 56 million via a 3:5 bonus issue, to be funded by capitalizing SAR 21 million from retained earnings.