Jarir gets regulatory nod for capital increase

29/08/2018 Argaam

 

Saudi market regulator, the Capital Market Authority (CMA), has approved Jarir Marketing Company’s request to increase capital from SAR 900 million to SAR 1.2 billion, according to a CMA statement.

 

The capital increase, which will take place through issuing one bonus share for every three existing shares, will be financed by retained earnings (SAR 3.5 million) and the statutory reserve (SAR 296.5 million).

 

Consequently, the number of shares will be raised from 90 million to 120 million by 30 million shares.

 

Shareholders of record on the second trading day after the general meeting date are entitled to this increase.

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