Riyadh –  The Capital Market Authority (CMA) has approved the requests of Saudi Telecom Company (stc) and Jabal Omar Development Company to increase their capital, according to bourse disclosures on Wednesday.

stc will raise its capital by granting 1.5 bonus shares for every one owned share at a total volume of 3 billion bonus shares.

The new capital will stand at SAR 50 billion distributed over 5 billion shares, compared to SAR 20 billion and 2 billion shares prior to the hike. A total of SAR 30 billion will be capitalised from the retained earnings account.

In addition, the CMA has greenlighted Jabal Omar's proposal to increase its capital through debt conversion worth SAR 5.30 billion. Meanwhile, the real estate developer’s request is still subject to the approval of its extraordinary general meeting (EGM).

During the first quarter (Q1) of 2022, stc generated SAR 3.03 billion in net profit after Zakat and tax, up 2.81% from SAR 2.95 billion in Q1-21.

In the January-March 2022 period, Jabal Omar registered net losses after Zakat and tax of SAR 182.46 million, down 47.15% from SAR 345.30 million in the year-ago period.

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