Saudi Arabian retailer Fawaz Abdulaziz Alhokair proposed doubling its capital through a one-for-one bonus issue, the firm said on Wednesday.

Alhokair, which franchises brands such as Zara and Marks and Spencer in the kingdom, said it would convert reserves and retained earnings to new shares for the capital boost, which is designed to support the growth of the company.

Capital will be hiked to 2.1 billion riyals ($560 million) from 1.05 billion riyals, subject to shareholder approval, it said in a bourse filing.

In June, the retailer said it had completed a 500 million riyal, five-year sukuk issue, its first issue of an Islamic bond.-Reuters