Alessa Industries to raise capital by 87.5% to SAR 750 mln

Alessa Industries, which is 38 percent-owned by Aseer Corporation, is set to increase its capital by 87.5 percent to SAR 750 million from the current SAR 400 million after it won approval from shareholders at an extraordinary general meeting on Monday.

Alessa will issue 35 million bonus shares to increase the total number of shares to 74 million from the current 40 million, Aseer said in a statement to Tadawul. Shares will be distributed to shareholders registered on Alessa Industries’ books on the date of the EGM, the statement said.

The capital increase will be covered through transfer of retained earnings of SAR 235 million and SAR 115 million from the company’s regular reserves.

Alessa Industries is a closed joint stock company engaged in the manufacture, import, and distribution of air conditioners, electronic devices. It’s also an appointed agent for several international brands in Saudi Arabia, including Hitachi.