Saudi Arabia’s Capital Market Authority has approved a request from Halwani Bros. Co. to increase its capital from 314.28 million riyals to 353.57 million riyals, or 12.5 percent, through a bonus issue, the company said in a statement to the Tadawul.
The leading food distributor and manufacturer, will issue one bonus share for every eight existing shares owned by registered shareholders.
The capital increase will be paid by transferring 39.28 million riyals from the statutory reserve to the company's capital. Following the bonus issue, the number of Halwani Bros. outstanding shares will increase from 31,428,573 to 35,357,145 shares.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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