CMA OKs raising Bahri’s capital to SAR 7.38 bln via bonus issue

The Capital Market Authority (CMA) gave the green light for National Shipping Company of Saudi Arabia (Bahri) to increase its capital from SAR 4.92 billion to SAR 7.38 billion, through a one-for-two bonus issue, according to the CMA website.

Shareholders of record registered with the Security Depository Center (Edaa) by the close of the second trading day following the record date, to be determined later, will be eligible for the bonus share distribution.

The capital top-up will be financed through transferring SAR 351.75 million from the statutory reserves, along with SAR 2.11 billion from retained earnings.

Accordingly, the company’s total number of shares will increase from 492.19 million to 738.28 million.

The extraordinary general meeting should be held within six months of this approval date. Bahri should satisfy all regulatory requirements and applicable laws.