Riyadh –  Arabian Contracting Services Company (Al Arabia) has obtained the approval of the Capital Market Authority (CMA) for a 10% capital raise.

Al Arabia will grant one bonus share for every 10 owned shares to implement the capital hike process, according to a bourse disclosure.

Following the transaction, the new capital will stand at SAR 550 million distributed over 55 million shares, compared to SAR 500 million and 50 million shares.

In June, the board members proposed the capital increase to boost Al Arabia’s future growth plans. Meanwhile, the CMA greenlighted the recommendation on 28 July 2024.

During the first quarter (Q1) of 2024, the company’s net profits surged by 11.01% year-on-year (YoY) to SAR 100.82 million from SAR 90.82 million.

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