Saudi CMA approves for Sumou $33.33mln capital hike

Sumou’s number of shares will increase by 12.5mln

  
Saudi Capital Market Authority headquarters is seen in Riyadh, Saudi Arabia June 26, 2019. REUTERS/Nael Shyoukhi - RC1C5289E220 Image used for illustrative purpose

Saudi Capital Market Authority headquarters is seen in Riyadh, Saudi Arabia June 26, 2019. REUTERS/Nael Shyoukhi - RC1C5289E220 Image used for illustrative purpose

Nael Shyoukhi - RC1C5289E220
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

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