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Saudi regulator gives nod to over $26.6bn capital increase requests

By Pramod Kumar
Saudi exchange Reuters
The CMA is working on developing appropriate procedures and initiatives to enable different types of companies

Saudi Arabia’s market regulatory Capital Market Authority (CMA) has approved capital increase requests worth SAR 100 billion ($26.6 billion) from January 2018 until the end of the first half of 2022, Arab News reported.

Some 116 firms applied to increase capital over the period, the CMA undersecretary for listed companies and investment products Abdullah bin Ghannam said.

The authority approved several requests, including capitalisation, priority rights and debt transfer.

The requests to increase capital by issuing a capitalisation topped the list, with 60.3 percent, followed by rights issue applications (37.1 percent) and debt conversion (2.6 percent).

The authority said it would work on developing appropriate procedures and initiatives to enable different types of companies.

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