a day ago
Al-Babtain decides to raise subsidiary capital to SAR 30M
Al-Babtain Power and Telecommunications Co. 's board of directors decided today, Aug. 11, to increase capital of its wholly owned subsidiary, Al-Babtain LeBlanc Communications Systems Co. (a one-person LLC), from SAR 10 million to SAR 30 million, according to a statement to Tadawul.
The planned capital hike will be funded by capitalizing a SAR 20 million portion of the current account balance owed to Al-Babtain, the statement added.
The company said the move aims to strengthen the subsidiary's financial position, grow its business, and develop operations.
