Yamama Saudi plans 50% capital hike, Saudi Arabia

Saudi's Yamama Saudi Cement Company plans to increase its capital by 50 per cent through a bonus share issue, the firm said in a bourse statement.

The firm will increase its capital to SAR2.025bn (US$540m) from SAR1.35bn, the statement said on Sunday.

"The Capital Market Authority (approved) Yamama Saudi Cement's request to increase its capital from SAR1.35bn to SAR2.025bn through issuing one bonus share for every two existing shares," it said.

"Such increase will be paid by transferring an amount of SAR675m from additional reserve to the company's capital," it added.

Yamama said on 3 January that it estimated fourth-quarter profits would be 19 per cent up on the same period in 2010, partly due to higher sales.