Riyadh – Mubasher: The shareholders of Alandalus Property gave the green light for increasing the capital by SAR 233.33 million through bonus shares from the statutory reserve and retained earnings.
The company will issue one share for every three owned shares, according to a bourse filing on Thursday.
The new capital will stand at SAR 933.33 million distributed over 93.33 million shares, compared to SAR 700 million and 70 million shares prior to the raise.
Alandalus aims to support and strengthen its capital base and future activities through the capital hike.
Last June, the Capital Market Authority (CMA) approved for the real estate developer to capitalise SAR 233.33 million.
