(MENAFN- Saudi Press Agency) Riyadh Rabi'I 03 1437 December 14 2015 SPA -- Almarai Company said that its Board of Directors decided in a meeting yesterday to recommend to an Extraordinary General Shareholders Meeting to be set together with ordinary General Assembly Meeting in 2016 to increase its share capital by 33%.
The company said in a statement on the financial market "Tadawul " that the increase will be as follows:
1 - The company's share capital before the proposed increase is SAR 6000 million the company's capital after the proposed increase will be SAR 8000 million an increase by 33%.
2 - The number of issued shares before the proposed increase in capital is 600 million shares the number of issued shares after the proposed share capital increase will be 800 million shares.
3 - The objective of this proposed share capital increase is to adjust the company's share capital to its assets level and help support its ambitious investment program announced in May 26th 2015. This program aims at increasing the capacity expansion needs in all areas of Almarai integrated business model (farming manufacturing distribution and logistics) and also addresses the investments required in product renovation and innovation. The company will be in a stronger financial position to achieve its targeted continuous growth in all core business segments and geographic expansion. This share capital increase should raise the operational efficiency improve the utilization of available resources to support the company's growth and contribute to create appropriate jobs for the national manpower.
4 - The increase the company's share capital will be realized through the distribution of one bonus share for every three shares owned.
5 - The increase in the company's share capital will be executed through the capitalization of SAR 2000 million from its retained earnings account.
--SPA
11:09 LOCAL TIME 08:09 GMT
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