Riyadh – Mubasher: Al Babtain Power and Telecommunication Company announced the board’s recommendation to raise the capital by 50% to SAR 639.46 million from SAR 426.31 million.
The raise transaction will be carried out through the capitalization of SAR 213.15 million from the retained earnings account and granting one bonus share for every two owned shares.
In a bourse filing, the company underlined that the new capital will be distributed over 63.94 million shares, instead of 42.63 million, prior to the hike.
The board’s proposal aligns with Al Babtain Power’s growth plans to foster its capital base and boost investment in many available opportunities.
Meanwhile, the capital hike is subject to obtaining the approvals of authorities as well as the extraordinary general meeting (EGM).
Earlier this month, the Saudi firm paid out SAR 21.31 million as cash dividends for 2022.
