BATIC gets regulatory approval for capital hike

The Capital Market Authority has approved BATIC Investment and Logistics Co.’s request to increase capital by 25 percent to SAR 300 million, from SAR 240 million.

The company will hold an extraordinary general assembly within six months to secure shareholders' approval.

Last month, BATIC’s board of directors recommended a 25 percent capital hike, by issue of one bonus share for every four shares outstanding.

The capital increase, which will be financed from retained earnings, will be used to finance future expansions among other objectives, the company said.