Saudi Arabian Fertilizer gets nod to raise capital

Dubai: Saudi Arabian Fertilizer said on Tuesday it has received an approval for its request to increase its capital to 4.16 billion Saudi Riyals from 3.33 billion Saudi Riyals through issue of bonus shares from the capital markets regulator.

The company will issue one bonus share for every four existing shares owned by the shareholders, it said in a bourse statement.

Such increase will be paid by transferring 833 million from the retained earnings to the company’s capital.