Riyadh – Mubasher: The board members of Qomel Company proposed a 100% capital raise to SAR 70 million from SAR 35 million, according to a bourse disclosure.
The firm will capitalise SAR 32.62 million from the balance of share premium and SAR 2.40 million from the retained earnings account.
Under the board’s recommendation, which was decided on 10 September 2024, the company will grant one bonus share for every owned share.
The new capital will be distributed over 7 million shares, compared to 3.50 million shares, before the raise transaction.
Qomel will use the capital increase to enhance its strategic growth plan, meet future expansion needs, and reaffirm its financial stability and strength.
The listed company’s unit recently obtained SAR 50.70 million investment to develop a pharmaceutical factory.
