Riyadh – Mubasher: Saudi Industrial Services Co's (SISCO) board recommended a 20% increase in capital through bonus shares.

The company's capital will rise from SAR 680 million to SAR 816 million, so that the number of shares will go up from 68 million shares to 81.6 million shares, through capitalising SAR 136 million from retained earnings.

The objective of this proposed share capital increase is to adjust the company's share capital to its assets level and to address the cash requirements for expansion, according to a bourse filing.

Registered shareholders at the end of trades on the extraordinary general meeting's (EGM) day will be eligible of the distribution, which will be determined later by the company. 

In case of bonus shares fractions, the company will collect them in one portfolio and sell them 30 days after finishing the allocation of the new shares, the statement said.