Riyadh – Mubasher: The board members of Academy of Learning Company recommended a 50% capital increase to SAR 90 million from SAR 60 million by granting one bonus share for every two owned shares.
The Saudi firm will transfer an amount of SAR 30 million from the retained earnings account to implement the transaction, according to a bourse disclosure.
Following the hike process, the new capital will be distributed over 9 million shares, instead of 6 million shares.
The board’s members proposed the transaction, on 5 May 2024, to strengthen the company’s capital and expand its business in line with its strategic objectives.
Earlier this month, Academy of Learning penned a deal with the Saudi Ministry of Human Resources and the Taalum organisation to improve their life and professional skills.
