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FINANCIAL NEWS
Saudi Almarai plans to raise capital by 50%
30 May 2013
(MENAFN) Saudi Almarai announced that in a bid to strengthen its financing ability, the dairy company will boost its capital by 50 percent to USD1.6 billion, reported Gulf Daily News.
The move will be carried out through the distribution of a bonus share for every two shares already held.
However, the company, which posted a rise of 5.4 percent in its first-quarter net profit to USD67.98 million, must receive the approval of the markets regulator and shareholders to carry on with its plan.
It is worth noting that the company’s board has also okayed a USD4.18 billion capital-spending program that was announced in 2012 for the coming 5 years.
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