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FINANCIAL NEWS
Saudi Safco to increase capital by 33.3%
09 Dec 2012
(MENAFN) Saudi Arabian Fertilizer Company (Safco) announced that it plans to increase its capital by 33.3 percent to expand its business, reported Arabian Business.
The company said that it will raise the capital by using preserved earnings.
It added that the move will see the company’s capital grow to USD888.8 million, from USD665 million via a rights issue, distributing a bonus share for every 3 shares held.
Safco, the Kingdom’s second-biggest chemical firm, is a unit of Saudi Basic Industries Corporation (SABIC).
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