Al-Khodari amends capital hike recommendation to SAR 458 mln

Abdullah A. M. Al-Khodari Sons Company’s (Al-Khodari) board of directors has amended a capital hike recommendation to SAR 458 million through the issuance of new shares, it said in a bourse statement on Sunday.

The capital increase aims to settle liabilities to vendors and major shareholder Abdullah A.M. Al Khodari Sons Investment Holding Company.

The board recommended a capital hike of up to SAR 250 million, whereby new shares will be granted to vendors in order to settle all or part of the company’s outstanding payments.

Al-Khodari’s board also recommended increasing capital by up to SAR 208 million, instead of a previous recommendation of SAR 135 million. The new shares will be offered to Abdullah A.M. Al-Khodari Sons Investment Holding to settle outstanding payments, the company said in a statement to Tadawul.

The board recommendations are pending approval from authorities and the extraordinary general assembly.

Al-Khodari initially recommended the capital hike in October.