Saudi: Knowledge Net's board recommends 50% capital raise
Knowledge Net Company announced the board's recommendation for a 50% capital hike to SAR 52.50 million from SAR 35 million.
The Saudi firm will grant one bonus share for each two owned shares, according to a bourse disclosure.
Following the transaction, the new capital will be distributed over 5.25 million shares, instead of 3.50 million shares.
Knowledge Net will capitalize SAR 17.50 million from the retained earnings account.
The board member proposed the capital raise to support the company's growth plans, meet future expansion needs, and reinforce its financial solvency and strong financial position.
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