CMA approves Alandalus’ 33.3% capital hike through bonus shares

Logo of Alandalus Property

The Capital Market Authority (CMA) approved Alandalus Property Co.’s request for increasing its capital to SAR 933.33 million from SAR 700 million.

The capital will be increased through the distribution of one bonus share for every three shares held by the shareholders registered at the Security Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company's board, the CMA said in a statement.

The increase will be carried out by transferring SAR 233.33 million from retained earnings to the statutory reserve account. Accordingly, the number of outstanding shares will be raised from 70 million to 93.33 million, an increase of 23.33 million.

The CMA noted that the company's extraordinary general meeting (EGM) should be held within six months from its approval date, adding that the company is required to satisfy all regulatory requirements and applicable laws.

Alandalus board of directors on April 29, recommended increasing the company’s capital by 33.33% to SAR 933.33 million, Argaam earlier reported.