Shareholders of the Public Warehousing Co. (PWC), which is planning to list its shares on Saudi Arabia’s Nomu Parallel Market, approved doubling capital to SAR 60 million through the issue of one bonus share for every one share held.

 

The company will use SAR 30 million from its retained earnings to finance the capital hike, the warehousing firm said in a statement.

 

PWC had earlier extended the subscription period for its initial public offering (IPO) on Nomu until Oct. 31 instead of Oct. 15, Argaam earlier reported.

 

The company planned to offer 1.29 million shares, or 30 percent of capital, which will increase its total shares to 4.29 million at a set price of SAR 10 per share.

 

Capital Hike Details

Current Capital

SAR 30 mln

Current number of shares

3 mln shares

Capital hike percent

100% (one share for every one share)

New Capital

SAR 60 mln

New number of shares

6 mln shares

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