The Capital Market Authority cleared two bonus-share capital increases and approved a new Main Market prospectus during the week, anchoring regulatory activity on Tadawul. The CMA approved Arabian Internet and Communications Services Co. (solutions, 7202) to double capital from SAR 1.2 billion to SAR 2.4 billion via a 1-for-1 bonus issue, capitalizing SAR 1.2 billion from retained earnings and lifting shares outstanding to 240 million, according to the regulator's disclosure. The CMA also approved Maharah Human Resources Co. to raise capital from SAR 475 million to SAR 600 million via a 5-for-19 bonus issue, funded by SAR 103.06 million from statutory reserves and SAR 21.94 million from retained earnings. Separately, Mutlaq Al-Ghowairi Contracting Co. (MGC) published its IPO prospectus to offer 240 million shares, representing 30% of capital, on the Main Market. Book-building runs May 31 to June 4, with retail subscription from June 15 to 17. MGC reported 2024 contract revenue of SAR 3.2 billion and net profit of SAR 1.20 billion, according to the prospectus.
Alinma Bank prices $500M AT1 sukuk at 6.625%
Alinma Bank 1150 priced a $500 million perpetual non-call 5.5-year Additional Tier 1 sukuk at par with a fixed resettable coupon of 6.625%, tightened from initial price thoughts in the 7.125% area, according to Zawya. The orderbook exceeded $1.7 billion excluding joint lead manager interest. The sukuk was listed on the London Stock Exchange's International Securities Market. The issuance falls under Alinma's AT1 Capital Certificate Issuance Programme, with proceeds earmarked to strengthen Tier 1 capital. The bank is rated A2 by Moody's and A- by S&P and Fitch. Alinma had mandated the transaction on May 19 before pricing on May 20.
Dar Al Arkan closes $600M sukuk tranche
Dar Al Arkan Real Estate Development Co. closed the 11th tranche under its USD-denominated Islamic Sukuk Program at SAR 2.25 billion ($600 million), the company said. It marks the 15th sukuk issuance by the developer. The order book opened and closed on May 19 and reached SAR 5.61 billion ($1.50 billion), according to Argaam. Separately on Nomu, iOud completed a SAR 50 million sukuk issuance that was 179.4% oversubscribed, the company disclosed via Tadawul filing on May 20.
OGM season: dividends across BSF, solutions, Tawuniya
Multiple listed issuers cleared FY 2025 cash distributions at general assemblies held May 19-20. Banque Saudi Fransi (BSF, 1050) shareholders approved a 5.2% cash dividend for H2 2025. solutions 7202 shareholders approved a SAR 8 per share cash dividend for FY 2025. Arabian Mills for Food Products Co. and Saudi Paper Manufacturing Co. shareholders approved cash dividends of 10% and 5% respectively for FY 2025. Saudi Dairy and Foodstuff Co. (SADAFCO, 2270) shareholders approved a 2.7 million share buyback programme. The Company for Cooperative Insurance (Tawuniya, 8010) called an OGM for June 28 to vote on a SAR 2 per share dividend for FY 2025. Al-Babtain Power and Telecommunication Co. 2320 board approved a 5% cash dividend for Q1 2026.
CMA enforcement: SAR 22.7M in fines and disgorgement
The Appeal Committee for the Resolution of Securities Disputes issued final decisions against 15 individuals, imposing more than SAR 10.7 million in fines plus over SAR 12 million in disgorgement of illegal gains, the CMA said. The committee found the individuals had violated Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations. In a separate action announced May 20, the CMA referred 17 suspects to the Public Prosecution in connection with the AFG International Co. (Cenomi Retail) case. Those referred include former and current board members, a CEO, financial managers, and members of the former auditor's audit team, over suspected violations of the Capital Market Law, Market Conduct Regulations, and Companies Law.
SAMA: POS spending at SAR 13.7B for week ended May 16
Saudi point-of-sale transactions reached nearly SAR 13.7 billion in the week ended May 16, down from SAR 14.2 billion the prior week, according to SAMA's weekly bulletin. Transaction count stood at 249.8 million for the week. Riyadh led cities at SAR 4.87 billion, or 35.6% of total POS value, followed by Jeddah at SAR 1.87 billion. In separate corporate disclosures, Saleh Abdulaziz Al Rashed and Sons Co. 1324 said it secured a Sharia-compliant bank facilities agreement with Alinma Bank in a Tadawul filing on May 14. Nomu-listed Wajd Life Co. disclosed a SAR 39.3 million project award with Imam Mohammad Ibn Saud Islamic University. Nomu-listed Dar Almarkabah for Renting Cars Co. terminated its memorandum of understanding to acquire Al Sahm Al Thahabi.
Outlook
MGC book-building for institutional investors runs May 31 to June 4, with retail subscription June 15-17 ahead of the planned Main Market listing. Tawuniya shareholders convene on June 28 to vote on the proposed SAR 2 per share FY 2025 cash dividend. Implementation timetables for the solutions and Maharah bonus issues are expected following the CMA's approvals announced May 14.