Riyadh – Mubasher: The equityholders of Saudi Advanced Industries Company (SAIC) have approved the board’s recommendation to raise the capital by SAR 100 million (20%), during their extraordinary general meeting (EGM) on 25 January.

SAIC will grant one bonus share for every five owned shares to capitalise the needed amount.

Following the hike process, the capital will stand at SAR 600 million that is distributed over 60 million shares. This is compared to SAR 500 million and 50 million shares prior to the increase.

SAIC aims to endorse its capital base to promote future growth plans through the capital raise process, according to a bourse disclosure.

Earlier this month, the listed firm announced major appointments that included new Chairman, Vice Chairman, as well as a Managing Director and Acting CEO.

In the first nine months (9M) of 2022, the company achieved net profits after Zakat and tax worth SAR 80.36 million, compared to SAR 65.51 million in 9M-21.