Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) gave the green light for Development Works Food Company’s request to increase the capital by SAR 5 million through bonus shares of one-for-every-five shares.

The capital will stand at SAR 30 million distributed over 3 million shares, compared to SAR 25 million and 2.5 million shares prior to the raise, according to a disclosure by the Saudi Exchange (Tadawul) on Monday.

The parallel-market (Nomu) listed company will carry out the capital hike by transferring SAR 3.07 million from the retained earnings balance and SAR 1.91 million from the statutory reserve.

Last May, Development Works Food announced a capital increase of 20% by issuing 500,000 bonus shares.