Saudi’s Almarai plans to raise capital by 73.9 percent
Saudi Arabia's Almarai Co, the Gulf's biggest dairy firm by market value, plans to increase its capital by 73.9 percent to 4 billion riyals ($1 billion) from 2.3 billion, it said on Wednesday.
December 7, 2011 12:32 by Reuters
“Almarai Company Board of Directors recommended increasing the share capital from 2.3 billion riyals to 4 billion riyals through the distribution of one bonus for each outstanding 1.739 shares. This will be financed through the company reserves,” it said.
The firm also said it plans to issue a dividend of 2.25 riyals per share for 2011.
Decisions on the dividend and bonus share approvals will be made after an extraordinary general assembly meeting and after approval from the regulatory authorities, the statement said.
In June, Almarai, which got shareholder approval last month for an Islamic bond sale, said it plans to invest 4 billion riyals in the poultry sector. (Reporting by Asma Alsharif)
More on GCC
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Saudi Arabia confirms another death from SARS-like virus
-
Prepaid cards available across the UAE
-
Bahrain’s Batelco CEO leaves with immediate effect
-
Arabtec Says Workers End Strike
-
First report by Etisalat covering global footprint
-
Kuwaiti Oil Service Workers On Strike Over Pay – Union
-
Qatar’s Doha Bank May Sell Bonds To Raise Capital – CEO
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
Lately on Kipp
-
Dubai ruler makes horse doping illegal
-
CEO-elect of UAE’s fraud-hit RAKBANK has quit
-
Over 90% of passwords vulnerable to hacking
-
‘Renewable energy absolutely necessary’ – Saudi
-
NEC Display Solutions launches Full HD 3D ready compact meeting room projector
-
Saudi Arabia confirms another death from SARS-like virus
