CMA approves Cenomi Centers 9% capital hike via bonus shares

Logo of Arabian Centres Co. (Cenomi Centers) 

The Capital Market Authority (CMA) approved Arabian Centres Co. (Cenomi Centers) application to raise its capital from SAR 4.75 billion to SAR 5.18 billion, the market regulator said in a statement.

The CMA said the planned capital hike will be carried out via a 1-for-12 bonus share distribution.

Eligibility for the bonus issue will be to shareholders registered with the Securities Depository Center (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.

The capital increase will be funded by transferring SAR 426.6 million from retained earnings. Accordingly, the number of shares will rise from 475 million to 517.66 million, an increase of 42.66 million shares.

The CMA added that the company’s deciding extraordinary general meeting (EGM) should be held within six months from this approval, provided all regulatory requirements and applicable laws are satisfied.

Cenomi Centers’ board recommended last June increasing capital by 8.98% from SAR 4.75 billion to SAR 5.18 billion, according to Argaam’s data.