Advanced Petrochemical’s shareholders nod to 20% capital raise

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Riyadh – The shareholders of Advanced Petrochemical Company gave their green light for increasing the capital by 20.11% through the granting of one bonus share for every five owned shares.

The company will raise the capital by SAR 435.26 million after capitalising SAR 261.15 million from the statutory reserve account in addition to SAR 174.10 million from the retained earnings, according to a bourse filing on Monday.

The new capital will stand at SAR 2.60 billion distributed over 260 million shares, compared to SAR 2.16 billion and 216.47 million prior to the capital hike.

Through the capital raise process, Advanced Petrochemical aims to endorse its capital base to meet the volume of the assets and future expansions.

Earlier this year, the listed firm’s board recommended a capital increase of one-for-five bonus shares.