Yamama Saudi plans 50pc capital hike
Riyadh, January 9, 2012
Saudi's Yamama Saudi Cement Company plans to increase its capital by 50 per cent through a bonus share issue, the firm said in a bourse statement.
The firm will increase its capital to SR2.025 billion ($540 million) from SR1.35 billion, the statement said on Sunday.
'The Capital Market Authority (approved) Yamama Saudi Cement's request to increase its capital from SR1.35 billion to SR2.025 billion through issuing one bonus share for every two existing shares,' it said.
'Such increase will be paid by transferring an amount of 675 million riyals from additional reserve to the company's capital,' it added.
Yamama said on January 3 that it estimated fourth-quarter profits would be 19 per cent up on the same period in 2010, partly due to higher sales.-Reuters
More Industry, Logistics & Shipping Stories
- Pentair to set up manufacturing unit in Saudi
- Alba supports major energy summit
- Polysys Additive breaks ground in Kizad
- Qatar non-hydrocarbon economy on the rise
- ADPC to take over UAE port operations
- Carlyle readies $3bn sale of chemical firm
- Firm plans to bring super jumbo jet to Bahrain
- Johnson Controls, Hitachi in AC venture
- OICT installs nextgen cranes at Sohar Port
- Saudi petchem giants eye share-swap merger in 2014