Riyadh – Mubasher: Mayar Holding Company submitted a request file to the Capital Market Authority (CMA) for approval to increase the company's capital by SAR 110 million through a rights issue.

The listed firm will announce further developments regarding the capital hike request in due course, according to a bourse disclosure.

Additionally, Saudi Drip Irrigation Company, a subsidiary of Mayar Holding, signed a 24-month contract with NEOM Company on 9 November 2023 to provide operation and maintenance services for the NEOM project.

The contract holds a value of SAR 28.87 million, excluding the value-added tax (VAT), and its financial impact is expected to reflect on Mayar Holding’s income statements as of the first quarter (Q1) of 2024.