CMA approves Sure’s capital increase via bonus shares

Logo of Sure Global Tech Co.

The Capital Market Authority (CMA) approved today, Oct. 4, an application from Sure Global Tech Co. to increase its capital from SAR 51.3 million to SAR 76.9 million.

Sure will issue one bonus share for every two shares held by shareholders registered in the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be set later by the company’s board.  

The increase will be financed by transferring SAR 25.6 million from Sure’s retained earnings. Accordingly, the total number of shares will increase from 5.13 million to 7.69 million, according to the authority's statement. 

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

In September, Sure’s board recommended raising capital by 50% through a 1-for-2 bonus issue to boost the company's strategic growth and support its financial position, Argaam earlier reported.