Riyadh – Mubasher: Mouwasat Medical Services on Monday announced that its shareholders had approved to raise capital by 100% through bonus shares during an extraordinary general meeting (EGM) held the previous day.

The capital will increase to SAR 1 billion, from SAR 500 million, while shares will hike to 100 million, from 50 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi medical provider noted that the capital hike would be used to enhance its strategic growth plans, financial solvency and expand the medical network.

The EGM also approved to amend some of items in its articles of association to cope with capital increase.

The firm last reported a 24.56% growth in profits to SAR 106 million in the first three months of 2018, compared to SAR 85.1 million during Q1-17.