CMA approves Al Arabia's capital hike to SAR 70M via bonus issue

Logo of The Capital Market Authority (CMA)

The Capital Market Authority (CMA) approved Arabian Contracting Services Co.'s (Al Arabia) application to increase its capital from SAR 500 million to SAR 550 million via a bonus issue, the market regulator said in a statement today, July 28.
 
Accordingly, one bonus share will be issued for every 10 shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by the company's board.
The capital top-up will be funded by transferring SAR 50 million from retained earnings. Thus, the company's shares will increase by five million to 55 million.
The CMA added that Al Arabia's extraordinary general meeting (EGM) should be held within six months from this approval date, provided the company satisfies all regulatory requirements and requisite procedures.

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