Riyadh – Mubasher: The Capital Market Authority (CMA) approved Tourism Enterprises Company’s (Shams) request to increase its capital by SAR 525.66 million through a rights issue, according to a bourse filing.

Shams will carry out the 1,000% capital hike by offering 10 new shares for every owned share.

Accordingly, the new capital will stand at SAR 578.23 million distributed over 57.82 million shares, compared to SAR 52.56 million and 5.25 million shares prior to the raise.

It is worth mentioning that the company’s board proposed the capital increase last February.