Saudi Arabia's Abdullah Abdul Mohsin Al Khodari and Sons has proposed raising its capital by SR500 million ($133 million) through a rights issue and will use the money to expand its business, the builder said on Tuesday.

The capital increase, along with the price and number of shares to be issued, will require the approval of the bourse regulator and an extraordinary shareholder meeting, according to a bourse statement.

Al Khodari has yet to set the date for the shareholder meeting, but investors holding the stock at the end of trading on that day will be eligible to subscribe to the rights issue should it be approved.

The firm's third-quarter profit rose 23.1 per cent as revenue increased. - Reuters