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SUKUK ISSUE PLANNED

Almarai shareholders approve 50pc capital hike

Dubai, September 10, 2013

Saudi Arabia's Almarai has received shareholder approval to increase its capital by 50 per cent to SR6 billion ($1.60 billion), the dairy firm said in a statement on Tuesday.

The company will increase the number shares to 600 million from 400 million by issuing one bonus share for every two outstanding shares. Each share has a nominal value of 10 riyals.

The capital increase will support Almarai's SR15.7 billion five-year capital funding programme, according to a statement to the Saudi bourse.

Almarai last week mandated four banks to arrange the sale of a 1.7 billion riyals Islamic hybrid bond, or sukuk.-Reuters




Tags: Saudi | dairy | capital | Almarai |

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