CMA approves Aldrees 25% capital hike to SAR 750 mln through bonus shares

Logo of Aldrees

The Capital Market Authority (CMA) approved a request from Aldrees Petroleum and Transport Services Co. to raise its capital to SAR 750 million from SAR 600 million through the issue of one bonus share for every four shares held, the market regulator said in a bourse statement.

Accordingly, the number of outstanding shares will be raised from 60 million to 75 million.

Shareholders of record at the Security Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company, are eligible for this increase.

The capital increase will be financed by transferring SAR 150 million from the company’s retained earnings.

The extraordinary general assembly shall be held within six months from the CMA’s approval date, the statement added.

Aldrees board of directors recommended increasing the company’s capital to SAR 750 million from SAR 600 million through distribution of 25% bonus shares, Argaam reported.