Saudi Ceramic Company aims to increase the group's capital from SR600 million to SR800 million ($160 million to $213 million) through a bonus share issue, in bid to match the size of its business and assets and support future expansion plans.

 

The 33.3 per cent capital hike move comes following the recommendation from Saudi Ceramic Company's board of directors, said the company in its filing to the Saudi bourse Tadawul.

 

Following the transaction, the number of shares will increase from 60 million to 80 million.

As per the deal, eligible shareholders will get one share for every three shares owned. 

 

The increase will be made by capitalising an amount of SR200 million from the retained earnings.-TradeArabia News Service