Riyadh – Mubasher: Saudi Arabia’s Capital Market Authority (CMA) has approved Al Moammar Information Systems Company’s (MIS) request to increase the capital by SAR 50 million through bonus shares.

MIS intends to raise its capital from SAR 250 million to SAR 300 million by issuing one bonus share for every five owned shares, according to a bourse filing.

Around SAR 5.64 million will be transferred from the retained earnings account to implement the capital hike process, while SAR 44.35 million will be allocated from the reserves account.

 The new capital will be distributed over 30 million shares, up by 5 million shares from 25 million shares prior to the raise.

Earlier this year, MIS’ board gave its green light for increasing the capital by 20%.