Riyadh – Mubasher: The shareholders of Aljouf Mineral Water Bottling Company (Hilwa) have agreed to increase the company’s capital by granting one bonus share for every two owned shares.

Hilwa will raise the capital by capitalising SAR 15.62 million from the retained earnings account to support and strengthen the company's future activities, according to a bourse filing.

Following the 50% hike, the capital will stand at SAR 46.87 million distributed over 4.68 million shares, compared to SAR 31.25 and 3.12 million shares prior to the transaction.

It is worth noting that the equityholders granted their approval during the extraordinary general meeting (EGM) that was held on 24 January 2023.

In November 2022, the Capital Market Authority (CMA) nodded to Hilwa’s request to increase the capital through bonus shares, following the board’s resolution earlier in June.