Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) gave the green light for Advanced Petrochemical Company to increase the capital by SAR 435.26 million through bonus shares.

The company will issue one bonus share for every five owned shares, according to a bourse filing.

Advanced Petrochemical will issue 43.52 million shares to increase the volume to 260 million shares from 216.47 million shares. Accordingly, the new capital will become SAR 2.60 billion instead of SAR 2.16 billion prior to the hike.

The capital raise will be paid by transferring SAR 261.15 million from the statutory reserve account and SAR 174.10 million from the retained earnings account.

Earlier this year, the company’s board members recommended a 20% capital raise through bonus shares.