PHOTO
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017. Reuters, Faisal Al Nasser
Saudi-listed Paper Home Company is planning to increase its capital by 200% via a bonus share issue.
The board of directors recommended on Monday to raise the company's capital from SAR 20 million ($5.3 million) to SAR 60 million by issuing two free shares for every existing share.
The move, to be funded by capitalising SAR 40 million from retained earnings, will increase the number of shares from 2 million to 6 million.
The objective is to align the capital with the firm's size and support future growth.
The capital hike proposal will be put to a vote at the Extraordinary General Assembly of shareholders.
(Writing by Cleofe Maceda; editing by Seban Scaria)
