Riyadh – Mubasher: The board of Saudi Telecom Company (stc) has recommended increasing the company’s capital by 150% through bonus shares.
The Saudi company will issue 1.50 bonus shares for each share, according to a bourse disclosure on Sunday.
stc will increase its capital to SAR 50 billion from SAR 20 billion by capitalising SAR 30 billion from the retained earnings.
The new capital will be distributed over 5 billion shares, compared to 2 billion shares prior to the hike.
The increase in stc’s capital will enable the company to fulfill its expansion strategy and maximise its shareholders’ return.
During the first quarter (Q1) of 2022, the listed company generated SAR 3.03 billion in net profit after Zakat and tax, higher by 2.81% than SAR 2.95 billion in Q1-21.
