Riyadh – Mubasher: The board members of Alkhorayef Water and Power Technologies Company recommended increasing the capital by 40% to SAR 350 million from SAR 250 million.
Under the board’s proposal that was decided on 23 July, the Saudi firm will grant one bonus share for every two and a half shares, according to a bourse filing.
The company will allocate SAR 100 million from the retained earnings account to carry out the capital raise.
Following the transaction, the number of shares will stand at 35 million shares, instead of 25 million.
Subject to regulatory approvals, the capital hike aligns with the company's strategic growth objectives to expand activities across the Kingdom as a whole and the water and wastewater sector in particular.
Earlier this month, Alkhorayef Water inked a restoration and furnishing contract valued at SAR 21.27 million with Waja Company.
