Riyadh – Mubasher: The shareholders of Al Moammar Information Systems Company (MIS) have agreed to increase its capital by 20% through the offering of one bonus share for every five owned shares.

MIS will raise its capital to SAR 300 million from SAR 250 million by capitalising SAR 50 million from the reserves and retained earnings accounts, according to a bourse filing on Thursday.

The new capital will be distributed over 30 million shares, compared to 25 million shares prior to the hike.

Meanwhile, the capital raise comes in line with the listed firm’s growth plans to enhance its resources.

The shareholders granted their approval for the capital increase during the extraordinary general meeting (EGM) that was held on Wednesday, 22 June.

Last May, the Capital Market Authority (CMA) greenlighted the company’s capital hike through 5 million bonus shares.