National Building raises subsidiary’s capital to SAR 300M

National Building and Marketing Co. (NBM) increased the capital of its subsidiary, Ajeej Steel Manufacturing Co. (a closed joint stock company), from SAR 180 million to SAR 300 million.

In a statement to Tadawul, NBM said the subsidiary’s share capital will be raised from 180 million to 300 million ordinary shares under this transaction.

The SAR 120 million capital increase was covered from the shareholders’ current account, it added.

This step is a part of supporting the growth and expansion plans of its subsidiary, which will strengthen NBM’s financial position and positively reflect on its consolidated results.