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Capital Market Authority approves capital increase for Rapid Solutions and Abico via free bonus shares
The Capital Market Authority has approved the increase of the capital of Accelerated Solutions for Communications and Arab Plastic Industry (ABICO) through the issuance of free shares. Accelerated Solutions will increase its capital from 28 million Saudi Riyals to 56 million Saudi Riyals by issuing 28 million free shares, which will be paid through a transfer of 28 million Saudi Riyals from retained earnings. As for ABICO, its share capital will rise from 75 million Saudi Riyals to 102 million Saudi Riyals with the issuance of 2.7 million free shares, after converting 26.61 million Saudi Riyals from its retained earnings and 385.96 thousand Saudi Riyals from additional paid-in capital. The Authority stipulated that the two general assemblies must be held within six months of the approval date and that all regulatory procedures be completed.
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