Saudi's CMA approves capital hike of Paper Home, Al Modawat via bonus shares
The approvals will be executed through the issuance of two bonus shares for each existing share, according to separate disclosures.
Paper Home's capital will hike from SAR 20 million to SAR 60 million, raising the number of outstanding shares from 2 million to 6 million.
The transaction will be implemented by transferring SAR 40 million from the retained earnings account.
Meanwhile, the CMA greenlighted Al Modawat's proposal to increase its capital by 200% from SAR 23.75 million to SAR 71.25 million
The SAR 47.50 million capital raise will be financed by transferring the share premium account to the company's capital. Hence, the number of shares will increase from 23.75 million to 71.25 million shares.
Source: Mubasher
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