Yanbu Cement’s board of directors decided on 11/2/2013 to seek for regulatory approval of increasing company’s capital (currently SAR 1,050 million i.e. 105 million shares) by SAR 525 million (50% of current capital), to SAR 1,575 million (157.5 million shares). The sum of SAR 262.5 million will be added to the statutory reserve to reach SAR 787.5 million. The increase of capital and statutory reserve will be covered by the capitalization of the expansion reserve and a portion of retained earnings. Under the issue, one share will be awarded for every two shares.
Upon regulatory approval, the board will hold an extraordinary general assembly (EGA), the date of which will be announced in due course. Eligibility date will be the end of business of the day the general assembly meets and approves the decision.
The new capital will be used to settle shareholders’ rights and pursue business growth.
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