Riyadh – Mubasher: The Capital Market Authority (CMA)greenlighted the request of ACWA Power Company to increase its capital from SAR 7.31 billion to SAR 7.32 billion.
The Saudi firm will issue one bonus share for every 500 existing shares, according to a bourse disclosure on Thursday.
ACWA Power will transfer an amount of SAR 14.62 million from the retained earnings account to implement the transaction.
Accordingly, the new capital will be distributed over 732.56 million shares, instead of 731.09 million shares.
The board’s members recommended the 0.20% capital raise, on 28 February 2024, to back the company’s strategic growth plans.
In 2023, ACWA Power recorded 7.90% higher net profits at SAR 1.66 billion, compared to SAR 1.54 billion in 2022.
