RIYADH: Saudi Telecom Co. has received the Capital Market Authority’s nod to increase its capital from SR20 billion to SR50 billion ($13 billion) by issuing 1.5 bonus shares per existing share.
The capital hike will increase the number of shares from 2 billion to 5 billion, a CMA statement revealed.
This followed the award of a SR298 million project to its unit Arabian Internet and Telecommunication Services Co., known as solutions by stc, the telecom giant said in a bourse filing.
At the closing bell of Wednesday, shares of stc rose by 0.31 percent to SR98.
