Riyadh - Mubasher: The board of Al Rashid Industrial Company recommended raising the capital by SAR 40 million to SAR 120 million from SAR 80 million.
The transaction, which was proposed during the meeting on 22 December, will be implemented through 4 million bonus shares, according to a bourse filing.
Al Rashid Industrial will grant one bonus share for every two existing shares, while the 50% capital increase will be capitalized from the company's retained earnings.
Meanwhile, the number of shares will increase to 12 million instead of 8 million shares prior to the capital raise transaction.
It is worth noting that the capital hike aims to support Al Rashid Industrial’s business growth and expansion while strengthening its financial position.
