DUBAI: Saudi Arabia's Almarai has received shareholder approval to increase its capital by 50 percent to 6 billion Saudi riyals or $1.60 billion, the dairy firm said in a statement on Tuesday.
The company will increase the number shares to 600 million from 400 million by issuing one bonus share for every two outstanding shares.
Each share has a nominal value of 10 riyals.
The capital increase will support Almarai's 15.7 billion riyals five-year capital funding programme, according to a statement to the Saudi bourse.
Almarai last week mandated four banks to arrange the sale of a 1.7 billion riyals Islamic hybrid bond, or sukuk. (Reuters)