CMA greenlights capital hike of Budget Saudi, Bena Steel Industries

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Riyadh – The Capital Market Authority (CMA) passed the requests of United International Transportation Company (Budget Saudi) and Bena Steel Industries Company to increase their capitals

Budget Saudi will raise its capital to SAR 781.66 million from SAR 711.66 million by issuing 7 million ordinary shares.

The capital hike will enable the transportation firm to fully acquire Al Jazira Equipment Company Limited, through its subsidiary Al Jozoor Al Rasekha Trucking Company.

Meanwhile, Bena Steel Industries will grant one bonus share for every five owned shares to increase its capital to SAR 60 million from SAR 50 million.

The new capital will be distributed over 6 million shares, instead of 5 million shares.

Bena Steel Industries will transfer an amount of SAR 10 million from the retained earnings account to implement the transaction.

The CMA issued the two approvals on 13 May 2024, according to bourse disclosures.

On a separate note, Budget Saudi recently announced its financial results for the three-month period ended on 31 March 2024, recording net profits valued at SAR 69.71 million.