Riyadh – Mubasher: Al Marai’s board of directors has recommended to increase the company’s capital by 25% to SAR 10 billion from SAR 8 billion via distributing 1-for-4 bonus shares.

Thus, the number of shares will increase from 800 million to 1 billion, a bourse filing said on Thursday.

This share capital increase will be financed through capitalising SAR 2 billion from the company’s retained earnings.

Al Marai noted that the bonus share issuance is subject to the approval of official authorities and the extraordinary general meeting (EGM) to increase the company’s capital.

The stock rose on Wednesday by 0.62% to SAR 81.