Mouwasat Medical Services Co.’s board of directors has recommended a 100 percent capital increase to SAR 1 billion from SAR 500 million through issue of one bonus share for every share held.
The capital hike, which will be financed from retained earnings account, aims to support the company's strategic expansion plans and emphasize on its solvency margin.
The process is pending approval from the general assembly and regulator.
On Monday, the board had recommended a 30 percent cash dividend (SAR 3 per share) for the fiscal year 2017, according to data compiled by Argaam.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 500 mln |
|
Number of shares |
50 mln shares |
|
Hike (%) |
100% (1 for every 1 share) |
|
New Capital |
SAR 1 bln |
|
New number of shares |
100 mln shares |
|
Method |
Bonus shares |
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Driver |
Supporting expansion plans and solvency margin |
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