RIYADH: Saudi Advanced Petrochemical Co. will increase its capital by 20 percent to SR2.6 billion ($693 millions) through granting bonus shares.
This followed the board of directors’ approval on Mar. 20.
Shareholders are set to receive one bonus share for every five shares held, a bourse filing showed.
The move comes in line with the Jubail-based firm’s expansion efforts. It aims “to support the company’s capital base to match the size of company assets.”
As of the closing bell, shares reached SR71, extending gains from SR68 a day earlier.
