JEDDAH, 29 March 2006 — On Monday, the Saudi Capital Market Authority (CMA) approved the proposal by the Saudi Chemical Co. (SCC) to raise its capital by issuing bonus shares.
Saudi Chemical will issue one bonus share for every five outstanding shares to registered shareholders owning the company’s stocks on the day when the company’s general assembly held its meeting.
The number of the company’s shares will increase by 2.108 million to become 12,648,000 shares. The earning per share for Saudi Chemical in 2005 was SR10.44 and the company made SR110 million in net profit.
Saudi Chemical will issue the bonus shares by transferring SR105.4 million ($28 million) from its retained earnings to its capital account.
The 23-percent increase in the company’s sales in 2005 facilitated its capital hike to SR632.4 million ($168.6 million) from SR527 million ($140.5 million).
