Saudi Arabian Cement Co Board recommends US$53.3m Capital hike

The management board of Saudi cement producer Arabian Cement Company (ACC) proposed on June 12, 2005 a 200m Saudi riyal (US$53.3m/€41.4m) capital increase to 800m riyals (US$213.3m/€165.5m).

If approved, the capital hike will be carried out via a rights issue of four million shares. The shares will have a premium which is to be decided later, and will be available to existing shareholders at a one-for-three ratio.

The meeting also approved a cash dividend payment of 8.0 riyals ($US2.13/€1.65) per share for the first half of 2005.