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