Tabuk Cement raises capital to US$240m

Officials at Saudi Arabian Tabuk Cement Company announced that the company has gained the approval of the country’s Capital Market Authority (CMA) to expand the company’s capital from $186.6m to $240m.

Tabuk Cement officials also said that the authority has approved increasing the company’s shares from 70m to 90m through issuing two extra shares for each seven shares, in order to distribute $53.3m of the company’s profits to shareholders.