Cement firm to triple capital

Cement firm to triple capital
Published: 14 December 2005

Saudi cement firm Yamamah plans to triple its paid up capital to SR1.35 billion (US$360m) and offer investors two free shares for each existing one, it said The announcement pushed the stock up by the daily maximum of 10 per cent to an all-time high of SR1,804 at the close of morning trade, against a 0.99 per cent rise in the all-share index. The capital hike and share issue will be funded by transferring cash from reserves estimated at more than SR1.0 billion, Yamamah said in a statement. Yamamah’s net profit rose 12 per cent in the first nine months of the year to SR342 million (US$91m).