Shaker gets CMA nod on 22% capital hike via bonus shares

Logo of Al Hassan Ghazi Ibrahim Shaker Co. (Shaker)

The Capital Market Authority (CMA) approved Al Hassan Ghazi Ibrahim Shaker Co.’s (Shaker) request to increase its capital by 22% from SAR 555 million to SAR 677.1 million, the market regulator said in a statement.

The CMA said the potential capital hike will be carried out via distributing bonus shares at one share for each five held shares. The issuance 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.

The capital top-up will be funded by capitalizing SAR 122.1 million from retained earnings.

The company’s extraordinary general assembly meeting (EGM) will 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, Shaker's board of directors proposed in August raising the company’s capital by 22%.