AI Summary
Logo of Marble Design Co.
The Capital Market Authority (CMA) approved Marble Design Co.’s request to increase its capital by 25% from SAR 60 million to SAR 75 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 four 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 15 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, Marble Design's board of directors proposed in September raising the company’s capital by 25% through a one-for-four bonus share distribution.
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Capital Increase Highlights |
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Current Capital |
SAR 60 mln |
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Current No. of Shares |
60 mln |
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Percentage of Increase |
25% |
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New Capital |
SAR 75 mln |
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New No. of Shares |
75 mln |
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Method |
1-for-4 bonus share distribution |
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Funding |
Capitalizing SAR 15 mln from retained earnings |
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Reasons |
To support strategic growth plans, future expansion needs, and reaffirm strong financial position and solvency |
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Record Date |
Shareholders registered with Edaa by the end of the second trading day following the record date |
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