Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Saudi Ceramic Company’s request to hike its capital by SAR 100 million.

Following the approval, Saudi Ceramic’s capital should rise to SAR 600 million from its current SAR 500 million.

The capital top-up will be carried out by issuing bonus shares at a 1-for-5 ratio to shareholders listed on the company’s registry at the Security Depository Centre as of the closing of the second trading day after the due date.

The due date will be determined by Saudi Ceramic’s board at a later time, the company said, noting that the dividend distributions will come from its retained earnings.

The increase involves adding 10 million new shares, bringing the company’s total number of shares to 60 million shares from its current 50 million.