​​Riyadh – Mubasher: Development Works Food Co (DWF) received an approval from the Saudi Capital Market (CMA) to increase the capital to SAR 25 million from SAR 12.5 million.

This capital hike will be executed by distributing a bonus share for every original share, according to an official statement on Sunday.

The capital hike amount of SAR 12.5 million will be transferred from the retained earnings account; therefore, the number of shares will be increased to 2.5 million from 1.25 million.

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