SISCO gets regulatory nod for capital hike

15/03/2017 Argaam

The Capital Market Authority (CMA) has approved Saudi Industrial Services Co.’s (SISCO) request to increase capital by 20 percent to SAR 816 million, by issuing one bonus share for every five shares held, the regulator said in a statement to Tadawul on Tuesday.

 

The capital raise will be financed by transferring SAR 136 million from retained earnings, and the total outstanding shares will increase from 68 million to 81.6 million.

 

SISCO’s board of directors recommended the capital raise last month. The capital hike aims to adjust the company's capital to its assets level, and to address the cash requirements for expansion. 

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