Riyadh - Mubasher: The Capital Market Authority (CMA) approved the request of Middle East Pharmaceutical Industries Company (Avalon Pharma) to increase its capital to SAR 350 million from SAR 200 million.
The company will issue three bonus shares for every four owned shares, according to a bourse filing.
In order to implement the capital hike, Avalon Pharma will transfer SAR 150 million from the retained earnings account.
The company’s outstanding shares will reach 35 million shares instead of 20 million.
In Funerary, Avalon Pharma entered into a partnership agreement with Bio-Thera Solutions to register Pembrolizumab in Saudi Arabia and MENA markets.
