AMAK gets CMA nod to raise capital by 36.4%

Logo of Almasane Alkobra Mining Co. (AMAK)

Al Masane Al Kobra Mining Co.’s (AMAK) board of directors recommended a 36.36% capital increase to SAR 900 million from SAR 660 million through distributing one bonus share for each 2.75 held shares, the company said in a bourse statement.

This will be through the issuance of one bonus share for every 2.75 shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by AMAK’s board.

The capital top-up will be financed by capitalizing SAR 240 million from the SAR 508.59 million share premium account. Accordingly, the total number of shares will increase by 24 million to 90 million.

The CMA added that the company's extraordinary general assembly meeting (EGM) should be held within six months from this approval date, provided that AMAK satisfies all regulatory requirements and applicable laws.

In July 2022, AMAK’s board recommended raising capital by 36.36% through a one-for-2.75 bonus share distribution, Argaam earlier reported.