Shaker Group gets regulator approval for capital raise

Saudi Arabia’s market regulator approved on Thursday Al Hassan Ghazi Ibrahim Shaker Company's request to raise its capital from SAR 350 million to SAR 630 million.

The company plans to issue four bonus share for every five existing shares owned by registered shareholders by the date of the extraordinary general assembly meeting. 

Shaker Group will transfer SAR 280 million from its retained earnings account to its capital to pay for the increase. 

Accordingly, shares will be increased by 28 million, from 35 million to 63 million.

Bonus shares eligibility is limited to shareholders who are listed in the company’s registry at the close of trading on the day of the extraordinary general assembly, which will be determined later by the bank's board.

The assembly meeting should be held within six months from the approval date, according to market rules.