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Budget board proposes capital hike through bonus issue

Budget board proposes capital hike through bonus issue
BUDGET SAUDI
4260
-3.27% 65.00 -2.20
Riyadh-Mubasher: The board of United International Transportation Ltd (Budget) has recommended to the upcoming extraordinary general meeting capital increase through bonus share distribution at 1-for-4.
Accordingly, the company’s capital will be raised by 15% to SAR 508.3 million (50.8 million shares) from SAR 406.7 million (40.66 million shares).
The company said, in a bourse statement, that the capital increase will be carried out through capitalizing SAR 101.66 million from retained earnings as on financial position on 2014.
The capital increase will go for financing expansion plans and boosting operations.