Saudi dairy giant says 50% capital hike approved

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Saudi Arabia's Almarai has received shareholder approval to increase its capital by 50 percent to SR6bn ($1.60 billion), the dairy firm said in a statement on Tuesday.

The company will increase the number shares to 600 million from 400 million by issuing one bonus share for every two outstanding shares. Each share has a nominal value of 10 riyals.

The capital increase will support Almarai's SR15.7bn five-year capital funding programme, according to a statement to the Saudi bourse.

Almarai last week mandated four banks to arrange the sale of a SR1.7bn Islamic hybrid bond, or sukuk.

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