Riyadh - Mubasher: The Capital Market Authority (CMA) has approved Theeb Rent a Car Company’s request to raise its capital to SAR 659.71 million from SAR 430 million.
The hike will be executed through the issuance of one bonus share for every two existing shares, according to a bourse filing.
It will be funded by transferring SAR 67.98 million from the statutory reserve account and SAR 161.73 million from retained earnings.
The move will raise the company’s outstanding shares by 22.97 million to 65.97 million from 43 million.
Theeb Rent a Car recently opened branches in Najran and Jazan to expand its network and advance its nationwide growth strategy.
