Riyadh – Mubasher: The Capital Market Authority (CMA) greenlighted the request of Academy of Learning Company to increase its capital by issuing one bonus share for every two owned shares.

The new capital will stand at SAR 90 million distributed over 9 million shares, compared to SAR  60 million distributed over 6 million shares, according to a bourse filing.

In order to implement the capital raise,  Academy of Learning will transfer SAR 30 million from the retained earnings account.

The CMA approved the 50% capital hike on 29 May after the board recommended the transaction to boost the company’s capital on 5 May.