RIYADH: Saudi Arabia’s Al Moammar Information Systems Co. is looking to increase its capital by 20 percent through the issuance of bonus shares.
The information technology firm’s capital plan entails increasing capital from SR250 million ($67 million) to SR300 million, according to a bourse filing.
Shareholders are set to receive one share for every five shares held by capitalizing an amount of SR50 million from reserves and retained earnings.
“This recommendation aims to increase the capital to enhance the company's resources, which will contribute to achieving good growth rates in the coming years,” the company said.
The proposal is subject to shareholders’ approval in the general assembly meeting to be held on June 22.
