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Saudi CMA approves for Sumou SAR 125m capital hike

Saudi CMA approves for Sumou SAR 125m capital hike
Sumou’s number of shares will increase by 12.5 million
SUMOU
9511
-1.52% 116.20 -1.80

Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) gave the green light for Sumou Real Estate Company’s request to increase the capital by SAR 125 million from the retained earnings balance.

Sumou aims to raise the capital to SAR 375 million from SAR 250 million by granting the equityholders one share for every two original shares, according to a disclosure to Tadawul on Thursday.

The company’s number of shares will therefore increase by 12.5 million to 37.5 million from 25 million.

Earlier this year, Sumou’s board recommended a capital raise by 50%.