Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Wednesday approved a capital increase for United International Transport Company “Budget” through the issuance of bonus shares.

The CMA nodded to raise Budget’s capital from SAR 610 million to SAR 711.67 million through the issuance of one bonus share for every 6 shares owned by shareholders in the company’s registry by the end of trading on the extraordinary general meeting’s date.

This increase will be paid by transferring SAR 101.666 million from Budget’s retained earnings account to its capital, which will raise the company's outstanding shares by 10.17 million shares to 71.17 million shares from 61 million, according to a filing to the Saudi Stock Exchange (Tadawul).