Jarir Marketing Co. proposes to increase its capital by 50 percent, from SR600 million to SR900 million, according to Tadawul website.

This follows the recommendation made by the company’s board of directors at its meeting on Tuesday to extraordinary general assembly meeting, which also included raising the company’s capital through bonus shares.

The board’s other recommendations are as follows: The number of 60 millions shares is to be increased to 90 millions shares; offer of 1 bonus share for every 2 shares owned; and the SR300 million capitalization increase is to be made from the statutory reserve and retained earnings.

According to the recommendations, the company’s capital increase is meant to cope up with the recent and future expansions of Jarir branches within and outside Saudi Arabia.

The bonus shares are limited to the shareholders who are registered in the shareholders’ register at the Securities Depository Center (Tadawul) at the close of trading on the extraordinary general assembly day, which will be determined later by the company.

As regards bonus shares’ fractions, the company will collect them in one portfolio and then sell them over a period of 30 days.

The proposed increase in capital would be initiated once necessary approvals are received from official agencies as well as from shareholders at the extraordinary general assembly meeting.

Meanwhile, the company’s turnover for the third quarter ended Sept. 30 amounted to SR1.33 billion, an increase of 12.1 percent compared to SR1.19 billion during the same period last year.

The turnover for nine months amounted to SR3.92 billion, an increase of 13.6 percent compared to SR3.45 billion during the same period last year.