Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved the request of Al Moammar Information Systems Co to raise its capital to SAR 200 million from SAR 160 million.

The increase in the capital will be through the issuance of one bonus share for every four existing shares owned by the shareholders registered in the Issuer’s Shareholders Registry in the Depository Centre at the end of the trading session following the due date, according to the CMA's press release on Tuesday.

The capital hike will be financed by transferring an amount of SAR 14.05 million from the statutory reserve account and SAR 25.95 million from the retained earnings account.

Therefore, the number of shares will rise from 16 million shares to 20 million shares.