Almarai plans to raise capital by 73.9pc
Riyadh, December 7, 2011
Saudi Arabia's Almarai Co, the Gulf's biggest dairy firm by market value, plans to increase its capital by 73.9 percent to 4 billion riyals ($1 billion) from 2.3 billion, it said on Wednesday.
"Almarai Company Board of Directors recommended increasing the share capital from 2.3 billion riyals to 4 billion riyals through the distribution of one bonus for each outstanding 1.739 shares. This will be financed through the company reserves," it said.
The firm also said it plans to issue a dividend of 2.25 riyals per share for 2011.
Decisions on the dividend and bonus share approvals will be made after an extraordinary general assembly meeting and after approval from the regulatory authorities, the statement said.
In June, Almarai, which got shareholder approval last month for an Islamic bond sale, said it plans to invest 4 billion riyals in the poultry sector. - Reuters