SABIC board recommends a 20% increase in capital to 8 billion

摘要

Dubai-The board of Saudi Basic Industries Corp (SABIC) said December 30 it recommended to the extraordinary general assembly an increase in the company's capital to 30 billion riyals (8 billion) from 25 billion riyals.The extraordinary general assembly was scheduled for March 2008 and the increase in capital will come from granting one bonus share for every five shares,the company said in a statement.This will bring the total number of shares,subject to the approval of the extraordinary general assembly and the competent authorities,to 3 billion,an increase of 20% from 2.5 billion.