RIYADH: Shares of Saudi shipping firm Bahri closed 1.1 percent higher at SR27.6 ($7.4) after getting shareholders’ approval to increase capital by 25 percent through issuing bonus shares.
The firm, which is a joint venture between Saudi Arabia's Public Investment Fund and Saudi Aramco, plans to raise capital from SR3.9 billion ($1.04 billion) to SR4.9 billion, according to a bourse filing.
Shareholders will get one bonus share for every four shares held.
“This recommendation aims to strengthen the capital base of the company to be matched with the size of assets and future projects,” Bahri said.
Formally known as the National Shipping Co. of Saudi Arabia, Bahri owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.