RIYADH: Etihad Etislat (Mobily) said yesterday the Saudi Capital Market Authority (CMA) had approval plans to raise its capital by SR2 billion Saudi ($533.3 million) in a rights issue. Saudi Arabia’s second-largest mobile phone company by market value, Mobily will offer stock holders 200 million shares with a nominal value of SR10 riyals, it said in a statement on the bourse website.
Dar Al-Arkan to issue 180m shares
RIYADH: The Saudi Capital Market Authority has approved plans by Dar Al-Arkan Real Estate Development Co., the largest Saudi developer by market value, for a one-for-three bonus share issue. A statement on the bourse website said Dar Al-Arkan will issue 180 million shares worth SR1.8 billion ($480 million), raising its capital by 33.3 percent to SR7.2 billion.
Tamweel removes ex-CEO from board
DUBAI: Dubai mortgage lender Tamweel said yesterday it had removed former Chief Executive Officer Adel Al-Shirawi, who is being questioned by police as part of a corruption probe, from its board of directors. The move comes a day after Istithmar World suspended Al-Shirawi as its vice-chairman and removed him as a board director “in light of ongoing investigations.”