Saudi Ceramic Co.’s board of directors has recommended a 20 percent capital increase  from SAR 500 million to SAR 600 million, through the issue of one bonus share for every five shares held.

 

The capital hike will be financed through capitalizing SAR 100 million from retained earnings, the tile producer said in a bourse filing.

 

The bonus issue as well as the capital hike are subject to the approval of authorities and the company’s extraordinary general meeting.

 

Key Figures of Capital Hike (Bonus Issue)

Current Capital

SAR 500 mln

Number of shares

50 mln shares

Capital increase percent (%)

20% (1 for every 5 outstanding shares)

New Capital

SAR 600 mln

New number of shares

60 mln shares

Record date

The date of the company’s general meeting

Reasons

Supporting expansion plans and boosting solvency margin

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