RIYADH: Saudi dairy firm Almarai wants to raise its capital by 50 percent to SR 6 billion ($ 1.6 billion) through the distribution of a bonus share for every two shares already held, it said in a bourse statement.
The plan, which it said aims to strengthen the company's financing ability, must be approved by the markets regulator and shareholders.
Almarai's board also approved a capital spending program of SR 15.7 billion over the next five years which was announced last year.
The company reported a first quarter net profit of SR 255 million, up 5.4 percent over the prior-year period, due to increased revenues, particularly in poultry sales.
Almarai plans bonus issue to boost capital by 50%
