The Capital Market Authority (CMA) of Saudi Arabia has validated that capital increase by $4 billion of the country’s largest company Aramco through the issuance of bonus shares, Zawya reports.
The CMA, media reports, has issued its resolution approving Saudi Aramco’s request to increase its capital from SR 60 billion to SR 75 billion through issuing one bonus share for every 10 existing shares owned by the shareholders.
The authority also indicated that beneficiaries will be shareholders who are registered in the shareholders registry at the Securities Depository Center as of the closing of the second trading day after the due date, which will be determined later by the company’s board of directors.
The $4 billion will be met by transferring an amount of SR 15 billion from the “Retained earnings” account to the company’s capital.
The move will increase the company’s outstanding shares from 200,000,000,000 to 220,000,000,000 shares, with an increase of 20,000,000,000 shares.
KSA’s Capital Market Authority greenlights Aramco’s request for capital increase by $4bln
