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Al Tayyar Travel ... capital hike to support growth.

Al Tayyar Travel to hike capital by 33pc

Al KHOBAR, March 5, 2015

Saudi Arabia's Al Tayyar Travel Group said on Thursday its shareholders agreed to raise its capital by 33.3 per cent via bonus shares to help fund its expansion plans.

The company will increase its capital to SR2 billion ($533.3 million) by issuing one bonus share for every three shares held, paid for by capitalising SR500 million of retained earnings, it said in a bourse filing.

No money is being raised from shareholders, who are getting the new shares for free, but the move is an accounting device which in effect boosts the bank's equity and therefore supports future growth. -Reuters




Tags: capital | travel | Al Tayyar |

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