RIYADH: Saudi Arabia Fertilizers Company (SAFCO) has gained approval from kingdom’s Capital Market to raise its capital.
Now SAFCO will able to raise its capital from $888 million to $1.11 billion (3.33 billion riyals to 4.16 billion riyals).
The bonus share issue will be paid for by transferring 833.3 million riyals from its retained earnings, the CMA statement added.
The company said Jan. 5 it would propose the bonus share issue, at the same time as announcing it would pay a cash dividend of 3 riyals per share for the second half of 2014 – down from 6 riyals a year earlier.
