RIYADH: Saudi National Building and Marketing Co. saw its share price jump amid its board's recommendation to increase the capital from SR120 million ($32 million) to SR270 million.
NBM added 10.89 percent to reach SR275 ($73.15) at the closing of Thursday.
The company aims to increase its capital base and future activities to achieve growth rates and diversification in its investments in the future, according to a bourse filing.
The increase requires shareholder approval as well as approval from the Capital Market Authority.
Earlier this year, NBM submitted a request to move from the parallel market Nomu to the main market TASI.
NBM specializes in metal scaffolding designs, carpentry, metal, glass, and iron, as well as the manufacture of fermented iron.
