Saudi Almarai wins approval for big capital increase

18/06/2017 01:27 AST

Saudi Arabia's Almarai, the largest dairy company in the Gulf, said it has won approval from its shareholders to increase its capital from SR8 billion ($2.1 billion) to SR10 billion ($2.6 billion).

This increase will be done through one bonus share issue for every four shares owned by the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the due date which will be determined later by the company's board, said the company in a statement to the Saudi bourse Tadawul.

Such increase will be paid by transferring an amount of SR2 billion from the "Retained Earnings" account to the company's capital, said the top dairy company.

Consequently, increasing Almarai's outstanding shares from 800 million shares to 1 billion shares, by an increase of 200 million shares.

The extraordinary general assembly is set to be held within six months from this approval date, it added.-


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