Al-Babtain's subsidiary approves SAR 3.3 mln capital hike

Logo of Al-Babtain Power and Telecommunication Co.

Shareholders of Al-Babtain Metalogalva, a limited liability company and a 60%-owned subsidiary of Al-Babtain Power and Telecommunication Co., approved increasing capital by SAR 3.3 million from SAR 18 million to SAR 21.3 million, according to a statement to Tadawul.

The capital hike will be carried out through decreasing the current account of shareholders as per their percentage in the company's capital, it added.

The move, according to Al-Babtain, is aimed at supporting its subsidiary's financial position and developing its activities and business alike. It noted that the capital increase is pending the approval of regulatory bodies.