Riyadh – Mubasher: The shareholders of Sumou Real Estate Company greenlighted a 33.33% capital hike to SAR 500 million from SAR 375 million, according to a bourse disclosure.
The number of shares will stand at 50 million shares, higher by 12.50 million than 37.50 million shares.
The 33.33% increase amount will raise the number of shares to 50 million instead of 37.50 million shares before the transaction.
The shareholders granted their approval during the extraordinary general meeting (EGM) on 6 June.
In May 2024, the Capital Market Authority (CMA) approved the capital raise via bonus shares, while the company’s board members proposed the transaction last March.
