Arab Sea’s unit gets SAMA nod to hike capital to SAR 15 mln

Logo of Arab Sea Information Systems Co.

Arab Sea Financial Co., a subsidiary of Tadawul-listed Arab Sea Information Systems Co., received on June 5 a no-objection from the Saudi Central Bank (SAMA) to raise its capital to SAR 15 million from SAR 5 million.

In a statement to Tadawul, Arab Sea expected its subsidiary to complete the capital increase when the relevant paperwork is finalized.

In June, Arab Sea’s board of directors approved Arab Sea’s request to raise its capital to SAR 15 million, Argaam earlier reported.