CMA Approves Saudi Automotive Services Company’s Capital Increase Request via Bonus Share Issuance

The Capital Market Authority (CMA) has approved the Saudi Automotive Services Company’s request to raise its capital from SAR 600,000,000 to SAR 700,000,000 by issuing one bonus share for every six existing shares.

These bonus shares will be allocated to shareholders registered in the shareholders’ registry at the Security Depository Center as of the closing of the second trading day after the determined due date, set later by the Company’s board.

The capital increase will be funded by transferring SAR 83,139,272 from the “Statutory Reserve” account and SAR 16,860,728 from the “Retained Earnings” account to the Company’s capital. This move will consequently increase the Company’s outstanding shares from 60,000,000 to 70,000,000, representing a 10,000,000 share increase.

The extraordinary general assembly is scheduled to convene within six months from the approval date, during which the Company will ensure compliance with all regulatory requirements and applicable laws.