15 Hrs
Source:
الاقتصادية
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Cinema Centers approves 9% capital increase
Al-Markaz Arabiyah Company ("Sinnomi Centers") approved an increase in its capital by 8.98%, from 4.75 billion to 5.18 billion Saudi riyals, through the issuance of 39.58 million bonus shares at a ratio of one share for every 12. Additionally, 3.08 million shares will be issued for the employee stock program. The purpose of the increase is to support the company's growth and strengthen its financial position, with a portion allocated to the employee stock program to motivate employees for the long term. The increase will also be financed by capitalizing 426.6 million riyals from retained earnings, with eligibility date set for September 27. Despite a decline in revenues, the company's annual profits increased by 4.1%, reaching 588 million riyals last year. Currently, the company owns 21 shopping malls across 10 cities, with a market value of 7.5 billion riyals.
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