Saudi-based Qassim Cement Company said on Saturday it planned to offer shareholders one bonus share for each existing one to raise its paid-up capital and fund expansion.

The board proposed using the bonus issue to raise the firm's capital to 900 million riyals ($240 million) from 450 million riyals, Qassim Cement said in a statement after a board meeting.

The capital hike, which will be funded from reserves and retained profit, will help 'ongoing and future expansion in the company's projects', it said.

Shareholders will vote for the bonus issue proposal at an extraordinary assembly of which the date will be fixed later.-Reuters