Saudi dairy giant says 50% capital hike approved

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

Most Discussed