Riyadh – Mubasher: The board of Advanced Petrochemical Company has recommended a 20.1% capital increase by issuing bonus shares.

The capital raise will be implemented by granting the company’s shareholders one share for every five shares, according to a bourse disclosure on Wednesday.

The capital will rise to SAR 2.6 billion from SAR 2.16 billion, distributing over 260 million shares.

The capital will be increased by capitalising SAR 261 million from the statutory reserve and SAR 174 million from the retained earnings.

This step aims to enhance the company’s capital base to match the size of company assets and future expansions.

It is noteworthy to mention that in 2021, the company reported estimated net profits after zakat and tax of SAR 815 million, up 36.839% from SAR 595.59 million in 2020.