Saudi Arabia’s ministry of commerce and investment (MCI) has approved a capital increase request for Arabian Security & Safety Services Co. Ltd. (AMNCO), a 95 percent-owned subsidiary of Saudi Transport and Investment Co. (Mubarrad).
AMNCO’s capital will be raised from SAR 4.5 million to SAR 100 million, Mubarrad said in a statement to Tadawul on Monday.
Following the capital hike, the number of shares will increase from 450,000 to 10 million.
The capital increase will be implemented through recapitalization of SAR 95.5 million, of which SAR 81.24 million will be used from retained earnings. The remaining amount of SAR 14.26 million will be drawn from the company’s general reserve.
Mubarrad added that the increase is aimed at boosting AMNCO’s assets, and supporting the company’s future investments.
AMNCO, established in 1984, provides professional security services and integrated cash management solutions in Saudi Arabia.