Saudi's Safco to raise capital for expansion

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi Arabian Fertilizer Company (Safco) will raise its capital by 33.3 percent using retained earnings in order to finance expansion plans, it said in a bourse statement on Saturday.

The board of directors at Saudi Arabia's second-largest chemical company, a unit of Saudi Basic Industries Corporation (SABIC), approved a capital increase on Wednesday to raise the firm's capital to SR3.3bn ($888.8m) from SR2.5bn through a rights issue, distributing a bonus share for every three shares held.

"The reason for the capital increase is due to the capitalisation of part of its retained earnings to its capital to meet the company's expansion," the statement said.

Related:

Market Performance

Saudi Arabian Fertilizer Company
160.75
0.0 0.0 (%)
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
The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
MidEast investors eye $180bn overseas spending

MidEast investors eye $180bn overseas spending

Arab institutional investors have been buying up swathes of ...

Gateway to a new era

Gateway to a new era

Could Telr be the answer to start-ups’ prayers? The new three...

Most Discussed