Riyadh – Mubasher: The board of Mohammed Hasan Al Naqool Sons Company decided on 11 November to increase the capital to SAR 87 million distributed over 8.7 million shares.

The potential capital raise value is compared to SAR 29 million and 2.9 million shares prior to the board’s decision, according to a bourse filing on Tuesday.

Al Naqool will raise the capital through a rights issue worth SAR 58 million, aiming to implement its strategic and operational plans and support its future expansions.

The Nomu-listed company previously said it would increase the capital to SAR 43.5 million from SAR 29 million.