The Capital Market Authority has approved a request from “Learning Academy Company” to increase its capital from $36 million (135 million riyals) to $42 million (157.5 million riyals).
This will be done by granting one bonus share for every 6 existing shares held by eligible shareholders.
The Authority explained in a statement on its platform today, Sunday, that the increase amounts to $6 million (22.5 million riyals).
This will be achieved by transferring the amount from the retained earnings account.
As a result, the company’s share count will rise from 135 million shares to 157.5 million shares, an increase of 22.5 million shares.
Eligibility for the bonus shares will be determined for shareholders registered in the company’s shareholder registry at the Securities Depository Center by the end of the second trading day following the eligibility date.
This date will be set later by the company’s board of directors.
The Authority stipulated that the extraordinary general assembly must be held within six months of the approval date, with the company completing the related procedures and regulatory requirements.
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