CMA approves Al Moammar’s capital hike to SAR 200 mln through bonus shares

31/03/2020 Argaam

 

The Capital Market Authority (CMA) approved Al Moammar Information Systems Co.’s (MIS) request to increase its capital from SAR 160 million to SAR 200 million, through issuance of 1 bonus share for every 4 existing shares owned by the shareholders, the market regulator said in a statement on Tuesday.

 

Shareholders of record at the Security Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company, are eligible for this increase.

 

The capital increase will be financed by transferring SAR 14.05 million from the statutory reserve and SAR 25.95 million from retained earnings.

 

Accordingly, the company’s outstanding shares will be increased from 16 million to 20 million shares.

 

The extraordinary general assembly shall be held within six months from the CMA’s approval date, the statement added.

 

In January, the company’s board of directors recommended a 25% capital hike to support its capital base and future activities.

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