Mobily To Raise Capital By 10% To SR7.7bn

SAUDI Arabia’s Etihad Etisalat (Mobily) said Saturday it has approved at an extraordinary general meeting held at the Four Seasons Hotel in Riyadh, a board recommendation for a 10 percent increase in capital through a bonus share issue.

The firm said in a statement posted on the bourse’s website that a general assembly meeting approved a recommendation of the board to increase the company’s capital to SR7.7 billion from SR7 billion through a bonus share for every 10 owned by registered shareholders.

“The total number of shares will increase by 70,000,000 from 700,000,000 to 770,000,000. The aim of a bonus share issue is to enhance shareholder returns,” it said.

Saudi Gazette