KnowledgeNet gets CMA nod on 50% capital hike via bonus issue

Logo of KnowledgeNet Co.

The Capital Market Authority (CMA) issued its resolution approving KnowledgeNet Co.’s request to increase its capital from SAR 35 million to SAR 52.5 million, through distributing bonus shares at one share per each two held shares.

 

The capital hike will be funded by capitalizing SAR 17.5 million from the retained earnings account and issuing one bonus share for every two shares held.

 

The company must convene an extraordinary general meeting (EGM) within six months from the date of the approval and comply with all regulatory requirements and applicable laws.

 

According to data compiled by Argaam, KnowledgeNet’s board recommended in June  a 50% capital increase through a bonus issue.

 

Capital Increase Details

Current Capital

SAR 35 mln

Number of Shares

3.5 mln

Percentage of Increase

50%

Method

Capitalizing SAR 17.5 mln from retained earnings, and issuing one bonus share for every two shares held

New Capital

SAR 52.5 mln

Number of Shares

5.25 mln

Reason

To enhance the strategic growth plan, address future expansion needs and aspirations, and reaffirm the company’s financial solvency and strong financial position. 

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