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Alhasoob's board suggests 100% capital raise

Alhasoob's board suggests 100% capital raise
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ALHASOOB
9522
-10.26% 70.00 -8.00

Riyadh – Mubasher: The board of directors of Alhasoob Co. recommended to the extraordinary general meeting (EGM) raising the company’s capital by 100% via granting bonus shares.  

The capital increase will be carried out by capitalising SAR 14 million from the retained earnings. Accordingly, the company’s new capital will amount to SAR 28 million, compared to SAR 14 million, according to a stock exchange filing on Thursday.

Each shareholder will be granted 1 bonus share for each share owned by shareholders at the eligibility date.

The capital hike aims at expansion and growth, and maximising the total return to shareholders to support the company's future activities. 

The proposed grant will be subject to obtaining necessary approvals from competent authorities, the statement read.