Savola submits SAR 6B capital increase file to CMA

Savola Group headquarters

Savola Group submitted today, April 28, its application to the Capital Market Authority (CMA) to increase its capital from SAR 5.34 billion to SAR 11.34 billion, through a SAR 6 billion rights issue, according to a statement to Tadawul. 

Any fundamental developments in this regard will be duly announced, as per the relevant laws and regulations, the statement added.

In February, Savola’s board of directors recommended increasing capital via a SAR 6 billion rights issue and distributing its entire 34.52% Almarai Co.’s stake to shareholders, pending necessary approvals and an extraordinary general meeting, data compiled with Argaam showed.