Saudi Arabia's Abdullah Abdul Mohsin Al Khodari and Sons said it expects to submit its proposal for a capital increase to the market regulator by the end of the second quarter of this year.

The builder had announced last November that it planned a SR500 million ($133 million) rights issue to help expand its business. Khodari roped in GIB Capital, the investment banking arm of Gulf International Bank, to advise on the offer.

"It is, in association with the financial advisor, still in the process of preparing the file of the application to approve the capital increase in order to be submitted to the Capital Market Authority," Khodari said in Monday's filing, adding that it would announce the submission once it had been made.-Reuters