Riyadh – Mubasher: The board of Al Jouf Mineral Water Bottling Company (Hilwa) has agreed to increase its capital by 50% to SAR 46.87 million from SAR 31.25 million.

The company will capitalise part of the retained earnings account to offer one share for every two owned shares, according to a bourse disclosure.

Meanwhile, the new capital will be distributed over 4.68 million shares, compared to 3.12 million shares prior to the hike.

The Saudi listed firm will use the proceeds of the capital raise to strengthen its resources and boost its growth rates in the coming years.

It is worth noting that Hilwa started trading its shares on the Saudi Exchange (Tadawul) on 2 March this year.