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FINANCIAL NEWS
Saudi Cement to issue 1 free share for each 2
25 Feb 2010
(MENAFN) Saudi Cement Company said that it plans to issue one free share for each two held by investors and a cash dividend of $0.93 for last year, Reuters reported.
Saudi Arabia’s second-largest cement producer said that its shares will increase from 102 million shares to 153 million shares by providing shareholders one free share for each two shares they currently own.
This would raise the company’s capital to $400 million from $266 million, and the decision is subject to shareholders’ approval.
Saudi Cement also proposed a dividend of $0.93 per share for 2009.
The firm announced that it made a net profit of $155 million last year, down 6.3 percent from a year earlier, due to increased operational costs.
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