Riyadh – Mubasher: The shareholders of Aldrees Petroleum and Transport Services Company gave the green light for increasing the capital by 25% or SAR 150 million, according to a bourse disclosure on Thursday.
The company will raise the capital to SAR 750 million to be distributed over 75 million shares. This is compared to SAR 600 million and 60 million shares prior to the capital hike.
During their extraordinary general meeting on 14 April, the shareholders approved offering one bonus share for every four original shares.
Aldrees aims to meet the size of its business and future expansions through this capital increase.
Earlier this year, the board recommended a 25% increase of the capital by using the retained earnings balance.