AI Summary
Logo of Al Ashghal Al Moysra Co.
The Capital Market Authority (CMA) issued its no-objection on Nomu-Parallel Market-listed Al Ashghal Al Moysra Co.’s request to raise capital from SAR 24 million to SAR 48 million via a 1:1 bonus issue.
In a statement today, July 2, the market regulator said bonus shares 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.
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The planned capital hike will be funded by capitalizing SAR 24 million from the company’s retained earnings account.
Consequently, the number of the company's outstanding shares will rise from 2.4 million to 4.8 million.
The deciding extraordinary general meeting (EGM) shall be held within six months from this approval date and the company shall satisfy all regulatory requirements and applicable laws.
According to data available with Argaam, in March, Al Ashghal Al Moysra’s board of directors recommended a 100% capital increase through a 1-for-1 bonus share issue.
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Capital Increase Highlights |
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Current Capital |
SAR 24 mln |
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Number of Shares |
2.4 mln |
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Percentage of Increase |
100% |
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Capitalization |
Capitalizing SAR 24 mln from retained earnings |
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New Capital |
SAR 48 mln |
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New Number of Shares |
4.8 mln |
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Method |
1-for-1 bonus issue |
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Reasons |
To support strategic growth plans, future expansion needs, and reaffirm financial strength and solvency |
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Record Date |
Shareholders registered with Edaa on the second trading day following the EGM date |
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