Lana Medical to increase capital by granting free shares

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The shareholders of Lana Medical Company passed a 50% capital hike to SAR 54 million from SAR 36 million.

The Saudi firm will grant one free share for every two owned shares, according to a bourse filing.

Following the transaction, the new capital will be distributed over 5.40 million, instead of 3.60 million shares.

Through the capital increase, the company plans to provide part of the financing requirements for its current and future projects.

The shareholders greenlighted the capital raise during the extraordinary general meeting (EGM) on 21 July 2024.

Lana Medical recently acquired a 50% stake in the shares of Solar Laser Systems Company and Solar Maccom Company in Belarus for SAR 6 million.