Saudi Arabia’s Capital Market Authority (CMA) has approved Saudi Ceramic Company’s request to increase its capital to SAR 800 million ($233 million).

The Riyadh-based company requested to increase capital from SAR 600 million by issuing one bonus share for every three existing shares.

The increase will be paid by transferring SAR 200 million from the retained earnings account of the company’s capital.

This will increase outstanding shares from 60 million to 80 million, the company said in a statement to the Saudi Stock Exchange (Tadawul).

The company posted a net profit of SAR 70.5 million in 2020 up from SAR 2.47 million in 2019, which was attributed to higher revenue due to increased sales.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)


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