Monday, 22 January 2018 04:20 GMT

Saudi Alhokair to double its capital

(MENAFN) Saudi Arabian retailer Fawaz Abdulaziz Alhokair said that it plans to double its capital through a one-for-one bonus issue, according to Arab News.

Alhokair, which franchises brands such as Zara and Marks and Spencer in the Kingdom, plans to boost the capital by converting reserves and retained earnings to new shares.

Capital will be increased by USD560 million from USD 279 million, subject to shareholder approval, it said in a bourse filing.

In June, the retailer said it had completed a USD133.30 million, five-year sukuk issue, its first issue of an Islamic bond.

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