Molan submits capital hike application to CMA

09:57 AM (Mecca time) Argaam- Nomu
Logo ofMolan Steel Co.

Logo of Molan Steel Co.

Molan Steel Co. submitted, on Nov. 6, an application to the Capital Market Authority (CMA) to increase its capital through a rights issue.

 

In a statement on Tadawul, the company said the capital increase is subject to obtaining all necessary regulatory approvals, including a nod from the extraordinary general assembly (EGM).

 

Any material developments related to this matter will be announced in due course.

 

According to data available with Argaam, Molan’s board of directors recommended in October increasing the company’s capital by SAR 26.6 million through a rights issue.

 

The rights issue was aimed at enabling asset purchases, supporting business expansion, and financing working capital, the company had said.

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