Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Jarir Marketing Company's request to hike its capital to SAR 1.2 billion from SAR 900 million.
The capital top-up will be carried out through issuing one bonus share for every three existing shares owned by the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the due date, the CMA said in a statement released Wednesday.
The due will be announced at a later time by Jarir Marketing’s board, it added.
The hike will result in Jarir Marketing’s shares rising to 120 million shares from their current 90 million.
The “increase will be paid by transferring an amount of SAR 3.5 million from the retained earnings account and an amount of SAR 296.5 million from the statutory reserve account to [Jarir Marketing’s] capital,” the CMA.
Jarir last reported a 10% year-on-year rise in net profits to SAR 162.2 million in the second quarter of 2018 from SAR 147.8 million.