Riyadh-Mubasher: United International Transportation Co. (Budget Saudi) said its board of directors recommended a capital increase by 20% to above SAR 610 million, from above SAR 508.3 million, through the distribution of bonus shares at 1-for-5.
The capital hike will be financed through capitalising more than SAR 101.6 million from retained earnings as on statement of financial position for 2015.
The capital top-up is aimed at continuing with projects that started in 2012, said the company.
The board also recommended the distribution of SAR 76.25 million in cash dividends at SAR 1.5 per share, or 15 of stock par value.
