Al Jouf Cement board proposes 10% capital hike

Al Jouf Cement Co.’s board of directors has recommended increasing capital by 10 percent through a bonus share distribution at 1-for-10, the company said in a statement to Tadawul.

Capital will be raised to SAR 1.43 billion (143 million shares), from SAR 1.30 billion (130 million shares).

The capital hike will be implemented through capitalization of SAR 130 million from retained earnings, and will be directed towards boosting the company’s financial position and future plans.

Shareholders of record on the meeting date, which will be announced later, are entitled to receive these shares.

Share fractions will be added to one portfolio, and offered for sale within 30 days of the shares allocation.