JEDDAH, 23 January 2006 -- The Saudi Capital Market Authority (CMA) has approved the request of Saudi Automotive Services Co. (SASCO) to increase its capital from SR300 million ($80 million) to SR450 million ($120 million). The company is going to increase its capital by issuing a free share for its shareholders for every two outstanding shares. CMA required the company to issue the new shares through transferring the capital difference of SR150 million from its net profits into its shareholder's equity account. The number of the company shares, thus, will increase from 6 million to 9 million shares.
© Arab News 2006
