RIYADH, 11 February — Saudi Arabian Fertilizer Company (SAFCO) said yesterday its board of directors had proposed toraise its paid-in capital to SR2 billion ($533 million) from SR1.5 billion.
A SAFCO statement said the company would issue free shares on a one-for-three basis to current shareholders.
The board also approved a 140 percent increase in the full-year dividend compared with 1999, that will cost the ompany a total of SR180 million. The recommendations will be presented to SAFCO's general assembly in April. SAFCO posted a net profit of SR243.4 million in 2000, ompared to a loss of SR600,000 a year earlier. The Saudi Basic Industries Corp. owns a 41-percent stake in the Riyadh-based firm. (AN)
