Asset management company says increase will add 8.1 million shares to be distributed as dividends to shareholders
Saudi-based Alkhabeer Capital, an asset management company specialising in alternative investments, has announced that it has increased its paid-up capital by SR81.3 million.
The 10 percent increase to SR894.5 million ($238.5 million) follows approval of its shareholders at the company’s annual general meeting.
This increase will add 8.1 million shares, bringing the total number of shares to 89.4 million. The new shares will be distributed as stock dividends to current shareholders of the company, a statement said.
Musaad Mohammad Saad Aldrees, chairman of Alkhabeer, said: “The decision to increase paid-up capital underscores the trust and confidence shareholders have in Alkhabeer’s senior management and our growth strategy. Moreover, this increase is in line with Alkhabeer Capital’s mission of delivering sustainable and superior long-term returns to its shareholders.”
CEO Ahmed Saud Ghouth added: “Increasing the company’s paid-up capital provides us with a greater level of flexibility and resilience. Alkhabeer Capital is in a stronger financial position to capitalize on lucrative investment opportunities across our key target sectors, an important step in delivering great value to our clients and shareholders.”
Alkhabeer Capital, headquartered in Jeddah, said it focuses on providing investment opportunities in domestic, regional and international capital markets through a wide range of real estate and private equity funds.