Al-Khodari gets CMA nod to hike capital through debt conversion

The Capital Market Authority has approved Abdullah A. M. Al-Khodari Sons Company's request to increase its capital from SAR 557.81 million to SAR 1.02 billion through debt conversion, it said in a statement on Monday.

The approval is conditional on getting the endorsement from the company’s extraordinary general assembly and completion of the necessary procedures in relation to the applicable regulations.

A shareholders’ circular will be published clarifying reasons for the capital increase and its objectives within sufficient time prior to the meeting to enable shareholders to vote on the capital increase through debt conversion, the statement added.

Argaam reported earlier that shareholders would meet on May 30 at the general assembly meeting to approve the board’s recommendation to withhold dividend for 2017.