’’Company shares will increase from 102 million shares to 153 million shares by providing shareholders one free share for each two shares they currently own,’’ the firm said in a statement on the bourse website on Wednesday.
The move, which will raise the company’’s capital to SR1.5 billion from SR1 billion, is subject to shareholders’’ approval.
The company also proposed a dividend of 3.50 riyals per share for 2009, another statement said.
The firm said it made a made a net profit of SR582 million in 2009, down 6.3 per cent from the previous year, due to increased operational costs.
