Riyadh – Mubasher: The Capital Market Authority (CMA) greenlighted the SAR 6 billion capital hike of Savola Group on 31 July 2024, according to a bourse disclosure.

The company submitted the application file, on 28 April, to increase its capital to SAR 11.33 billion from SAR 5.33 billion by offering rights issues shares.

The group’s board members proposed the transaction to boost the company’s financial position and expand its portfolio.

In the first quarter (Q1) of 2024, the net profits of Savola Group dropped by 11.21% to SAR 348.71 million from SAR 392.75 million in Q1-23.