Riyadh – Mubasher: The board of Alandalus Property Company proposed a 33.33% capital increase by capitalising SAR 233.33 million of the retained earnings and statutory reserve, according to a bourse filing on Sunday.
The company will grant one share for every three owned shares.
The real estate firm’s capital will become SAR 933.33 million distributed over 93.33 million shares, compared to SAR 700 million and 70 million shares prior to the raise.
Alandalus Property aims to boost the capital base and future business activities from this increase.
It is worth noting that in 2020, the company posted an annual decline of 77.88% in net profits after Zakat and tax to SAR 14.34 million.