Riyadh – Mubasher: The board members of Riyadh Steel Company recommended a 40% capital hike by granting bonus shares on 25 December 2023, according to a bourse filing.
The new capital will stand at SAR 70 million distributed over 7 million shares, compared to SAR 50 million and 5 million shares, prior to the raise.
The listed firm will grant four bonus shares for every 10 owned shares to back its financial position and future growth plans.
Subject to obtaining regulatory approvals, Riyadh Steel will allocate SAR 20 million from the retained earnings account to implement the capital increase transaction.
Earlier this month, the company started the listing and trading of its shares on the Parallel Market (Nomu).
