Alhokair plans to double capital

Alhokair plans to double capital
Updated 10 July 2014

Alhokair plans to double capital

Alhokair plans to double capital

DUBAI: Saudi Arabian retailer Fawaz Abdulaziz Alhokair proposed doubling its capital through a one-for-one bonus issue, the firm said on Wednesday.
Alhokair, which franchises brands such as Zara and Marks and Spencer in the Kingdom, said it would convert reserves and retained earnings to new shares for the capital boost, which is designed to support the growth of the company.
Capital will be hiked to SR2.1 billion ($560 million)from SR1.05 billion, subject to shareholder approval, it said in a bourse filing.
In June, the retailer said it had completed a SR500 million, five-year sukuk issue, its first issue of an Islamic bond.