Riyadh – Mubasher: The Capital Market Authority (CMA) has greenlighted Saudi Automotive Services Company’s (SASCO) request to raise its capital by SAR 100 million through bonus shares.
SASCO will grant one bonus share for every six existing shares to increase its capital from SAR 600 million to SAR 700 million, according to the CMA disclosure.
The capital hike transaction will be paid by transferring SAR 83.13 million from the statutory reserves account in addition to SAR 16.86 million from retained earnings.
Following the capital raise process, the number of outstanding shares will be increased by 10 million shares to total 70 million instead of 60 million shares.
In March 2024, the board members of SASCO recommended the capital increase to endorse the company’s business and expansion plans.
Meanwhile, the listed company generated net profits worth SAR 10.01 million in addition to revenues of SAR 2.45 billion during the first quarter (Q1) of 2024.
