Riyadh – Mubasher: The board of Anaam International Holding Group has amended its previous recommendation to raise the company’s capital through a rights issue.

The board of directors announced on Sunday that it is now proposing a SAR 90 million capital increase, compared with the previously recommended capital hike of SAR 75 million.

In a statement to the Saudi Stock Exchange (Tadawul) on Sunday, the company revealed that the board’s decision comes following further studies on the company's needs.

The move, which is subject to the approval of the company’s general assembly, will raise capital from SAR 15 million to SAR 105 million.

Anaam previously said that it aims to raise its capital in order to meet the financing needs for future expansion plans and projects.