Riyadh – Mubasher: The equityholders of Halwani Bros Company gave the green light for increasing the capital by 12.5% through the capitalisation of SAR 39.28 million from the statutory reserve.

The capital will be raised to SAR 353.57 million distributed over 35.35 million shares, compared with SAR 314.28 million and 31.42 million shares prior to the increase.

Halwani Bros will grant one bonus share for every eight original shares.

The company aims to boost the capital, its business volume, and future plans through this raise.

Last December, the board recommended a capital increase by issuing bonus shares.

It is worth mentioning that the company’s profits were up 4.1% in 2020 to SAR 100.8 million, compared with SAR 2.4 million in 2019.

The shareholders have approved paying SAR 47.14 million worth of cash dividends for last year.