Riyadh – Mubasher: The extraordinary general meeting (EGM) of Edarat Communication and Information Technology Company approved a 50% capital hike to SAR 75.60 million from SAR 50.40 million.
Edarat will allocate SAR 25.20 million from the retained earnings account and grant one free share for every two existing shares, according to a bourse disclosure.
Following the transaction, the number of shares will reach 7.56 million, instead of 5.04 million shares.
The company aims to strengthen its capital base and future activities, contributing to achieving stable growth rates in the coming years.
The shareholders greenlighted the transaction on 14 June after voting on the board’s capital raise proposal.
