Wednesday, Oct 19, 2011
(This item was originally published on Tuesday.)
RIYADH (Zawya Dow Jones)--Riyadh-based Jarir Marketing Co. (4190.SA), the bookstore chain and computer distributer, said Tuesday its board has recommended raising its capital 50% to 6 billion Saudi riyals ($1.6 billion) to cope up with recent and future expansions of retail and wholesale branches in the kingdom and abroad.
Jarir will issue one bonus share for every two shares, it said in a statement posted on the Saudi bourse website.
Earlier this month, Jarir said third-quarter net profit surged 47.6% to SAR152.2 million compared with the year earlier period, due to higher sales of smart phones and laptops, and an increase in the number of branches.
In a separate statement Tuesday, it said its board approved a plan to distribute cash dividends of SAR136 million, or SAR3.4 per share, for the third quarter of this year.
-By Summer Said, Dow Jones Newswires; +966-546-842-373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
19-10-11 0349GMT
