CMA greenlights Shaker’s capital increase via SAR 249 mln rights issue

Logo of Al Hassan Ghazi Ibrahim Shaker Co.

Al Hassan Ghazi Ibrahim Shaker Co. obtained the approval of the Capital Market Authority (CMA) to increase its capital through a SAR 249 million rights issue, the market regulator said in a statement.

The CMA decision was made after reviewing the company’s application in light of the governing regulatory requirements, as well as the quantitative and qualitative criteria applicable to all companies requesting a capital increase.

The increase will be limited to the shareholders who are registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM), which will be determined by the company's board of directors later.

The offer price and size will be determined by the company on the EGM date.

In December 2021, Shaker’s board of directors amended its capital hike recommendation to SAR 249 million from SAR 250 million through a rights issue, according to data compiled by Argaam.

Furthermore, the company’s shareholders approved the board's recommendation on decreasing capital by 23.4% from SAR 630 million to SAR 482.33 million, during the EGM held on May 15.

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