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FINANCIAL NEWS
Saudi Arabia’s Almarai to double capital to $61m
06 Oct 2010
(MENAFN) A statement issued by Almarai dairy company said that its board of directors has recommended doubling the company’s capital from $30.6 million to $61 million in order to finance its future projects, Reuters reported.
The funds are going to be raised through the distribution of bonus shares, offering one share for each outstanding stock.
The company said it would try to get an authorized approval for the assets increase and complete executive processes to apply the advice of the board of directors.
Almarai made $113 million in the third quarter of this year compared with $ 96.8 million in 2009.
The company said it made a net profit of more than $266 million during the last nine months, compared to $ 22 million compared with the same period in 2009, registering a rise of 18.1 percent.
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