The shareholders of Al Babtain Power and Telecommunication Company approved the board’s proposal to increase the capital by SAR 213.15 million, according to a bourse statement.
Following the 50% hike, the new capital will stand at SAR 639.46 million distributed over 63.94 million shares, instead of SAR 426.31 million and 42.63 million shares.
During the extraordinary general meeting on 28 September, the shareholders agreed to grant one bonus share for every two owned shares in order to carry out the transaction.
The capital increase aligns with the Saudi company’s plans to support its financial position and get key opportunities for new investments.
It is worth highlighting that the board members of Al Babtain Power recommended the raise last June.
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