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Saudi Qassim Cement mulls 100% bonus share issue

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 04 July 2009

Saudi-based Qassim Cement Co said on Saturday it planned to offer shareholders one bonus share for each existing one to raise its paid-up capital and fund expansion.

The board proposed using the bonus issue to raise the firm's capital to 900 million riyals ($240m) from 450 million riyals, Qassim Cement said in a statement after a board meeting.

The capital hike, which will be funded from reserves and retained profit, will help "ongoing and future expansion in the company's projects", it said.

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Shareholders will vote for the bonus issue proposal at an extraordinary assembly of which the date will be fixed later. (Reuters)

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