Saudi dairy firm Almarai wants to raise its capital by 50 percent to 6 billion Saudi riyals ($1.6 billion) through the distribution of a bonus share for every two shares already held, it said in a bourse statement on Wednesday.
The plan, which it said aims to strengthen the company's financing ability, must be approved by the markets regulator and shareholders.
Almarai's board also approved a capital spending programme of 15.7 billion riyals over the next five years which was announced last year.
The company reported a first quarter net profit of 255 million riyals, up 5.4 percent over the prior-year period, due to increased revenues, particularly in poultry sales.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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