Riyadh – Mubasher: Saudi Arabia-based Thob Al-Aseel Company on Thursday said that the ordinary general meeting (OGM) had approved a 100% capital increase by distributing bonus shares during a meeting held the previous day.

The firm’s capital will increase to SAR 300 million, from SAR 150 million, while the shares will hike to 30 million from 150 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The value of capital hike will be repaid by transferring SAR 30 million from retained profits and transferring SAR 404,300 from general reserves, Arabic clothes and cotton undergarments maker noted. 

The OGM also approved to amend some of items in its articles of association.

 By the end of Wednesday’s trading session, Thob Al-Aseel Company’s stock closed stable at SAR 30.55.