Riyadh – Mubasher: The Capital Market Authority (CMA) has given its green light for National Shipping Company of Saudi Arabia (Bahri) to increase its capital through 98.43 million bonus shares.
The company will issue one bonus share for every four owned shares, according to bourse disclosures on Tuesday.
Bahri will increase its capital from SAR 3.93 billion to SAR 4.92 billion by capitalising SAR 984.37 million from the statutory reserve account.
Accordingly, the new capital will be distributed over 492.18 million shares, compared to 393.75 million shares prior to the raise.
Last month, Bahri’s board proposed a capital hike of 25% by issuing bonus shares.
