Riyadh – Mubasher: Al Kathiri Holding Co. on Sunday announced that its extraordinary general meeting (EGM) has approved a capital increase by 20%.

After the hike, Al Kathiri’s capital will rise to SAR 37.647 million from SAR 31.395 million, the firm said in a filing to the Saudi Stock Exchange (Tadawul).

In terms of shares, one share will be offered for each five owned shares, resulting in an increase to 3,676,400 shares from 3,139,500 shares previously.

The capital hike was carried out through Al Kathiri’s retained earnings and reserves account, the company added.

Al Kathiri also announced, in a separate statement, that the fluctuation limits for its capital top-up on Sunday, 26 August will be based on a share price of SAR 28.10.

“The Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Tuesday 28 August 2018,” Al Kathiri concluded.