Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Al Tayyar Travel Group Holding’s request to increase its capital to SAR 3 billion from SAR 2.096 billion.
The capital raise will be carried out by offering two bonus shares for every five outstanding shares held by shareholders registered at the Security Depository Center as of the closing of the second trading day following the due date, the Saudi CMA said in a statement on Sunday.
The due date will be determined by Al Tayyar Travel Group Holding’s board of directors in the near future.
Such increase will be paid by transferring SAR 196.16 million from the statutory reserve account as well as SAR 707.35 million from the retained earnings account, raising the number of shares by 90.35 million to 300 million.
Earlier this month, the travel group’s board of directors allocated a total of 6.49 million shares for establishing a long-term incentive employee stock ownership plan.
By 12:40 pm Saudi time on Sunday, Al Tayyar Travel’s stock rose 1.14% to SAR 26.70.