Yamama Saudi Cement proposes bonus share issue

Yamama Saudi Cement proposes bonus share issue
Published: 06 December 2011

Yamama Saudi Cement Co said its board will seek the authority’s approval to boost the company’s capital by 50 per cent to almost SAR2.0bn (US$540m) from the current SAR1.3bn.

The company said the board has proposed that the capital hike be carried out via a one-for-two bonus share share issue through the capitalisation of part of its reserves.

Yamama said in a statement posted on the Saudi bourse website that the proposed SAR675m capital increase aims to finance future expansions.