Al Tayyar gets nod for 33.3% capital raise

Saudi Arabia’s Capital Market Authority (CMA) approved Al-Tayyar Travel Group Holding Company’s request to raise its capital ​33.3 percent ​from SAR 1,500 million to SAR 2,000 million through a rights issue.

The company will offer one bonus share for every three existing shares owned by registered shareholders.

Al-Tayyar will pay the increase by transferring SAR 500 million from its retained earnings account to the company’s capital. The company’s shares will increase from 150 million to 200 million.

Only shareholders registered in the registry at the close of trading on the day of the extraordinary general assembly will be eligible for bonus shares.

The company will set a date for the meeting, which should be held within six month’s from the regulator’s approval.