Al-Babtain Power to up subsidiary’s capital by SAR 18.4 mln

Al-Babtain Power & Telecommunication Co.’s board of directors will increase capital of Inara Company Limited (Inara), its wholly-owned subsidiary, by SAR 18.4 million from SAR 8.4 million to SAR 26.8 million, the company said in a bourse statement.

The capital increase, which is pending regulatory approvals, will be carried out through the capitalization of current account of its subsidiary. The capital increase will go for boosting the company’s financial position and expanding business portfolio.