Al Tayyar Travel Group will finance its planned capital hike through capitalizing SAR 707.35 million from retained earnings instead of stock issuance premiums, the company said in a bourse statement on Sunday.

 

The remaining SAR 196.16 million will be financed from the company’s statutory reserve as previously announced, the statement added.

 

The travel group's board of directors had earlier recommended a 43 percent capital hike to SAR 3 billion from SAR 2.096 million through issuance of three bonus shares for every seven shares held, Argaam reported.

 

The group will use the capital increase proceeds to finance expansions.

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