Tuesday, Dec 06, 2011
(This story was originally published Monday.)
BEIRUT (Zawya Dow Jones)--Yamama Saudi Cement Co. (3020.SA) Monday said its board will seek the authority's approval to boost the company's capital by 50% to almost 2.03 billion Saudi riyals ($540 million) from the current SAR1.35 billion.
Yamama Cement, one of the kingdom's largest cement producers, said the board has proposed that the capital hike be carried out via a one-for-two bonus share issue through the capitalization of part of its reserves.
The company said in a statement posted on the Saudi bourse website that the proposed SAR675 million capital increase aims to finance its future capital expansions.
Shares closed up 6.8% to SAR66.25 Monday in a overall positive market.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
06-12-11 0400GMT
