Riyadh – Mubasher: The shareholders of National Shipping Company of Saudi Arabia (Bahri) have granted their green light to increase the company’s capital by 25% through bonus shares.

The capital hike will be carried out by granting one bonus share for every four owned shares, according to a recent bourse filing.

Bahri will increase its capital from SAR 3.93 billion to SAR 4.92 billion by capitalising SAR 984.37 million from the statutory reserve account.

Accordingly, the new capital will be distributed over 492.18 million shares, compared to 393.75 million shares prior to the raise.

The announcement came during the extraordinary general meeting (EGM) that was held on Monday, 16 May.

It is worth noting that the Capital Market Authority (CMA) approved Bahri’s capital increase last March.