Riyadh – Mubasher: The board of Wafrah for Industry & Development Company has recommended raising the company's capital to SAR 154.34 million through rights issue share offering.

With the capital increase, the company seeks to expand its activities, automate its production lines, and cover all the regions in Saudi Arabia, expected to result in profits and fulfil its goals, according to a bourse filing on Sunday.

The board's proposal is subject to the approval of the relevant official authorities and the company's extraordinary general meeting (EGM).

The company will announce later when a financial advisor is appointed and when the capital increase request file is submitted to the authorities.