Riyadh – Mubasher: The shareholders of Alkhorayef Water and Power Technologies Company agreed to increase the capital by 40% through the issuance of one bonus share for two and a half existing shares.

The Saudi firm will transfer SAR 100 million from the retained earnings account to implement the transaction, according to a bourse disclosure.

The board members of Alkhorayef Water recommended increasing the capital to boost the company's financial position in line with its strategic objectives.

Following the hike process, the new capital will stand at SAR 350 million distributed over 35 million shares, compared to SAR 250 million and 25 million shares.

The shareholders greenlighted the capital raise during the extraordinary general meeting (EGM) that was held on 23 May 2024.

Last April, Alkhorayef Water penned a SAR 1.72 billion agreement with the National Water Company (NWC).