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RIYADH: Saudi-listed Al Masane Al Kobra Mining Co., also known as Amak, is looking to hike its capital by SR240 million ($64 million) through the issuance of bonus shares.
The miner’s capital plan entails raising capital from SR660 million to SR900 million by granting one bonus share for every 2.75 shares held, according to a bourse filing.
“The reason for the capital increase is to support the company's financial position in order to achieve its strategy of expansion and growth through exploiting investment opportunities in the mining sector,” the company said.
The move was proposed by the company’s board of directors on July 18 and is subject to shareholders’ approval in the next general assembly meeting.