Qassim Cement to double capital to US$240m

Qassim Cement to double capital to US$240m
Published: 06 July 2009

Saudi’s Qassim Cement Co said Saturday it will double its capital to SAR900m (US$239.9m) to meet the company’s current and future expansion.
 
The company will use reserves and retained profits for the 10 riyals per share capital boost, and distribute bonus shares after getting regulatory approval, it said in a statement on the Saudi bourse website.
 
The company will also distribute a cash dividend of 6 riyals per share, for a total of SAR270m, out of first-half profit, it said in a separate statement Saturday.
 
The company reported in April a first quarter net profit of SAR151.5m, a 5.4 per cent decrease from the year earlier which it attributed to lower prices.