Riyadh — Mubasher: The Capital Market Authority (CMA) has approved a request from Academy of Learning Company to increase its capital from SAR 135 million to SAR 157.50 million.
The capital hike will be executed through the issuance of bonus shares to the company's shareholders, according to a bourse filing.
Academy of Learning will grant one bonus share for every six shares held by shareholders registered at the Securities Depository Center. The move will increase the total number of shares from 135 million to 157.50 million shares.
Meanwhile, the SAR 22.50 million required for the capital increase will be funded via a transfer from the company’s retained earnings account.
The eligibility date for the bonus issuance will be determined by the company's board of directors at a later time.
Shareholders must be registered by the end of the second trading day following the specified maturity date to qualify for the grant.
The CMA noted that the company’s extraordinary general assembly must be convened within six months of the approval date to finalize the transaction and ensure all legal requirements are met.
