Riyadh – Mubasher: The Capital Market Authority (CMA) has granted its green light for Al Hammadi Company for Development and Investment’s request to increase its capital by SAR 400 million through bonus shares.
The Saudi listed firm will increase its capital from SAR 1.20 billion to SAR 1.60 billion by granting one bonus share for every three owned shares, according to bourse disclosure.
Al Hammadi will transfer SAR 338.05 million from the retained earnings account and SAR 61.94 million from the statutory reserve account to implement the capital hike transaction.
Accordingly, the company’s shares will increase by 40 million shares to 160 million shares from 120 million shares.
It is noteworthy to mention that Al Hammadi’s board suggested the 33% capital increase last March.
In 2021, the company logged net profits after Zakat and tax worth SAR 90.09 million, an annual plunge of 31.13% from SAR 130.83 million.
