Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has issued its approval for Advanced Petrochemical Co’s request to raise the capital through distributing bonus shares.

Advanced Petrochemical will increase the capital to SAR 2.164 billion from SAR 1.967 billion by distributing a share for every 10 original shares, according to an official statement on Sunday.

The capital increase amount valued at SAR 196.79 million will be added by transferring it from the retained earnings account; therefore, the number of shares will be increased by 19.679 million to 216.47 million shares from 196.79 million.

The Saudi CMA clarified that the extraordinary general meeting (EGM) should be held within six months from the date of this approval.