CMA green lights Aramco’s bonus issue to increase capital to SAR 75 bln
- Date: 19-Apr-2022
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
CMA green lights Aramco’s bonus issue to increase capital to SAR 75 bln
The Capital Market Authority (CMA) approved an application from Saudi Arabian Oil Co. (Saudi Aramco) to increase its capital from SAR 60 billion to SAR 75 billion.
The capital will be raised through the issuance of one bonus share for every 10 shares held by shareholders registered in the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by Saudi Aramco’s board.
The increase will be paid by transferring SAR 15 billion from the company’s retained earnings. Accordingly, the total number of shares will increase by 20 billion to 220 billion.
The CMA said that the company's extraordinary general assembly should be held within six months from this approval date and satisfy all regulatory requirements and applicable laws.
In March, Saudi Aramco’s board recommended raising capital to SAR 75 billion from SAR 60 billion through capitalizing SAR 15 billion of retained earnings, Argaam reported.
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