Riyadh – Mubasher: The board of Mouwasat Medical Services Company proposed to increase the capital by 100% through the issuance of one bonus share for every existing share.
Following the raise, the new capital will stand at SAR 2 billion distributed over 200 million shares, compared to SAR 1 billion and 100 million shares, according to a bourse filing.
Under the board’s recommendation, Mouwasat will allocate SAR 1 billion from the retained earnings account to carry out the capital hike transaction.
In line with its strategic growth plan, the Saudi firm will use the capital raise proceeds to enlarge its assets, scale up its medical network, and anchor its financial solvency, besides boosting its financial position.
Meanwhile, the capital hike is subject to the approvals of the company’s shareholders and official authorities.
In the first nine months (9M) of 2022, Mouwasat recorded a 4.01% year-on-year (YoY) decline in net profit after Zakat and tax to SAR 413.90 million, versus SAR 431.19 million.
