Saudi: Alkhorayef Water obtains shareholders’ nod for 40% capital hike

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The Tadawul-listed firm will transfer $26.66mln from the retained earnings account to implement the transaction

Staff Writer, Mubasher

May 27, 2024

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Riyadh – The shareholders of Alkhorayef Water and Power Technologies Company agreed to increase the capital by 40% through the issuance of one bonus share for two and a half existing shares.

The Tadawul-listed firm will transfer SAR 100 million from the retained earnings account to implement the transaction, according to a bourse disclosure.

In line with its strategic objectives, Alkhorayef Water aims to boost its financial position.

Following the hike process, the new capital will stand at SAR 350 million distributed over 35 million shares, compared to SAR 250 million and 25 million shares.

The shareholders greenlighted the capital raise during the extraordinary general meeting (EGM) that was held on 23 May 2024.

Last April, Alkhorayef Water penned a SAR 1.72 billion agreement with the National Water Company (NWC).

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