Lana BOD Recommends Capital Increase to SAR 54 Million by Granting Free Shares

Lana Company announced on Monday the recommendation of the Board of Directors to increase its capital from 36 million riyals to 54 million riyals by 50%, bringing the number of its shares from 3,600,000 million shares to 5,400,000 million shares, by granting a free share for every two outstanding shares owned by shareholders.

The value of the capital increase will be paid using retained earnings, after obtaining the approval of the Capital Market Authority.

The capital increase comes within the company’s plan to provide part of the financing requirements for the company’s current, future and expansion projects.