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|12 October, 2018

Saudi Arabia's Nama Chemicals seek approval to raise capital

The company requested the approval of the Capital Markets Authority

A laboratory technican of the company Icon Genetics prepares proteines from Tobacco plants (Nicotiana benthamiana) for weighing in a laboratory in Halle, August 14, 2014. Icon Genetics develop a technology to mass produce Ebola vaccine with the help of tobacco plants. Image used for illustrative purposes.

A laboratory technican of the company Icon Genetics prepares proteines from Tobacco plants (Nicotiana benthamiana) for weighing in a laboratory in Halle, August 14, 2014. Icon Genetics develop a technology to mass produce Ebola vaccine with the help of tobacco plants. Image used for illustrative purposes.

REUTERS/Axel Schmidt

Mubasher: Nama Chemicals announced on Thursday that it has filed for a capital hike through the issuance of bonus shares.

The company requested the approval of the Capital Markets Authority (CMA), according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Nama’s board of directors decided in July to reconsider the extraordinary general meeting’s (EGM) recommendation to increase the company’s capital.

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The board then decided not to raise SAR 200 million through a rights issuance, but rather SAR 400 million through the distribution of bonus shares. 

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