Riyadh –  The Saudi Capital Market Authority (CMA) gave the green light for Sumou Real Estate Company’s request to increase the capital by SAR 125 million from the retained earnings balance.

Sumou aims to raise the capital to SAR 375 million from SAR 250 million by granting the equityholders one share for every two original shares, according to a disclosure to Tadawul on Thursday.

The company’s number of shares will therefore increase by 12.5 million to 37.5 million from 25 million.

Earlier this year, Sumou’s board recommended a capital raise by 50%.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.