Thoub Al Aseel’s shareholders approve 33% capital raise

Thoub Al Aseel aims to endorse its business expansion plans

  
A screen displaying stock market prices is seen at an investment bank in Riyadh, June 9, 2013.

A screen displaying stock market prices is seen at an investment bank in Riyadh, June 9, 2013.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: The shareholders of Thoub Al Aseel Company have agreed to increase the capital by SAR 100 million or 33% through the issuance of 10 million bonus shares.

The company aims to raise the capital to SAR 400 million distributed over 40 million shares from SAR 300 million and 30 million shares prior to the increase, according to a bourse filing on Sunday.

The value of the capital hike will be paid by transferring SAR 57.08 million from retained earnings and SAR 42.91 million from statutory reserve.

Thoub Al Aseel aims to endorse its business expansion plans over the coming years through the recommended capital increase.

Last month, the Capital Market Authority (CMA) approved for Thob Al Aseel to raise the capital by issuing one bonus share for every three owned shares.

Source: Mubasher

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