Riyadh – Mubasher: The board of Tourism Enterprises Company (Shams) has recommended a capital increase of 1,000% through a rights issue amounting to 10 shares for every owned share. 

 The capital will stand at SAR 578.23 million distributed over 57.82 million shares after the raise transaction, according to a bourse disclosure on Thursday.

Shams aims to increase its capital from SAR 52.56 million distributed over 5.25 million shares. 

It is worth noting that on 24 August 2021, Shams' board recommended a capital cut by cancelling 4.89 million shares in addition to a capital hike.