Riyadh – Mubasher: Saudi Arabia’s Capital Market Authority (CMA) has approved Aldrees Petroleum and Transport Services Company’s request to increase its capital to SAR 600 million from SAR 500 million.

The company will increase capital by issuing bonus shares for every existing share owned by the shareholders registered as of the closing of the second trading day after the due date, which will be determined later by the board, according to a bourse statement.

“Such increase will be paid by transferring an amount of SAR 70.95 million from the ‘Statutory Reserve’ account and an amount of around SAR 29 million from the ‘Retained Earnings’ account to the Company's capital,” the Saudi Stock Exchange (Tadawul) revealed.

In January, the Tadawul-listed company posted a 62% year-on-year profit increase during the fourth quarter in 2018, generating SAR 22 million after calculating Zakat and Tax, compared to SAR 13.6 million in Q4-17.