Saudi Arabia’s Shatirah House Restaurants (Burgerizzr) has obtained the approval from the Capital Market Authority (CMA) to increase its capital by 60%.

The hike will include the issuance of 21 million new shares, with shareholders to be given three bonus shares for every five shares they currently own.

Shatirah, which owns and operates a chain of restaurants, intends to capitalise 21 million riyals ($5.6 million) from retained earnings to increase its capital. The capitalisation will increase its capital from SAR 35 million to SAR 56 million.

Shatirah will still hold an extraordinary general assembly to approve the capital adjustment.

(Writing by Cleofe Maceda; editing by Brinda Darasha)

brinda.darasha@lseg.com