Saudi: Sumou Real Estate obtains CMA approval for capital raise

Faisal Al Nasser

The 33.33% increase amount will raise the number of shares to 50mln instead of 37.50mln shares before the transaction

Staff Writer, Mubasher

May 10, 2024

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Riyadh – Sumou Real Estate Company has received the Capital Market Authority’s (CMA) nod for increasing its capital to SAR 500 million from SAR 375 million, according to a bourse filing.

Upon the decision of the regulatory authority, which granted its approval on 7 May 2024, Sumou Real Estate will issue one bonus share for every three existing shares to carry out the capital hike process.

The 33.33% increase amount will raise the number of shares to 50 million instead of 37.50 million shares before the transaction.

Sumou Real Estate’s board members recommended the SAR 125 million capital increase in March 2024.

The company aims at utilising the new capital in achieving the targeted growth rates for the coming years.

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