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Al Babtain’s board ups capital of subsidiary

Al Babtain’s board ups capital of subsidiary
The company’s capital will be increased to SAR 26.8m
ALBABTAIN
2320
-0.54% 27.40 -0.15

Riyadh – MubasherAl Babtain Power and Telecommunication Company’s (Al Babtain) board has decided to increase the capital of its subsidiary, Integrated Lighting Co.

The company’s capital will be increased to SAR 26.8 million from SAR 8.4 million, according to a bourse statement released on Thursday.

The capital hike will be used to support Integrated Lighting’s financial position, promote its activities, and develop its works, the statement added.

It is noteworthy that Al Babtain reported a 127.17% year-on-year profit hike during the third quarter of 2019, registering a net profit of SAR 20.9 million.