Riyadh-Mubasher: Saudi Marketing Co. (Farm Superstores) said Wednesday its board of directors proposed increasing capital by 28.57% to SAR 450 million from SAR 350 million through distributing two-for-seven bonus shares.
The top-up will be financed through capitalising SAR 100 million from retained earnings, the company said in a statement to the Saudi bourse Tadawul.
The move aims to boost the company’s expansions and help it launch new branches.
Shareholders of record on the date of the upcoming general meeting are eligible for the distribution.
The meeting date will be announced later.
The stock climbed 4.59% to SAR 43.3 on Wednesday.
