Riyadh – Mubasher: The shareholders of Wafrah for Industry and Development Company have agreed to increase its capital by 200% to SAR 231.51 million from SAR 77.17 million.

The company will offer two rights shares for every one owned share at a price of SAR 10 per share and a total value of SAR 154.34 million, according to a bourse filing on Wednesday.

The new capital will be distributed over 23.15 million shares, higher by 15.43 million shares than 7.71 million shares prior to the hike.

Meanwhile, the Saudi listed firm will use the proceeds of the capital raise to expand its activities across the Kingdom.

The shareholders granted their approval for the capital increase during the extraordinary general meeting (EGM) that was held on Tuesday, 14 June.

Last April, the Capital Market Authority (CMA) greenlighted Wafrah’s capital hike.