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Saudi Arabia’s WSM for Information Technology Company is expected to increase its capital by approximately 33 % via the issuance of bonus shares.
The Capital Market Authority (CMA) has approved the company’s plan to increase its capital to SAR 28.6 million ($7.63 million) from SAR 21.45 million.
The company intends to issue one bonus share for every three existing shares owned by the shareholders. The capital hike will be paid by transferring SAR 7.15 million from the company’s retained earnings.
WSM provides technical consulting services and digital solutions in Saudi Arabia.
(Writing by Cleofe Maceda; editing by Seban Scaria)
