Riyadh – Mubasher: The Capital Market Authority (CMA) approved Al Hassan Ghazi Ibrahim Shaker Company’s (Shaker Group) capital hike by granting one bonus share for every 6.63 owned shares.

The group will transfer SAR 72.66 million from the statutory reserve account to implement the capital hike transaction, according to a bourse filing.

Following the increase process, the new capital will stand at SAR 555 million distributed over 55.50 million shares, compared to SAR 482.33 million and 48.23 million shares.

In December 2023, the board recommended the 15% capital raise to enhance the company’s financial position and support its growth plans.

During the first nine months (9M) of 2023, Shaker Group posted net profits after Zakat and tax valued at SAR 61.43 million, higher by 75.83% than SAR 34.93 million in 9M-22.