Short Url
https://arab.news/m5j2z
RIYADH: Saudi-based Advanced Petrochemical said its board has recommended boosting capital to SR2.6 billion ($693 million) through issuing bonus shares.
The capital increase amounts to around 20 percent, up from SR2.16 billion, the Jubail-based petrochemical firm said in a bourse filing.
As per the rules set out, shareholders will be granted one bonus share for every five shares, which will be financed through statutory reserves and retained earnings.
The step comes as the company aims to strengthen its capital base and aid future expansions.