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Riyadh-based Jarir Marketing Co. (4190.SA), the bookstore chain and computer distributer, said Saturday its shareholders will vote Dec. 25 on a plan to raise its capital 50% to 600 million Saudi riyals ($164 million) to cope with recent and future expansions of retail and wholesale branches in the kingdom and abroad.
Jarir will issue one bonus share for every two shares, it said in a statement posted on the Saudi bourse website. It already secured regulatory approval for the plan.
Last month, Jarir said third-quarter net profit surged 47.6% to SAR152.2 million compared with the year earlier period, due to higher sales of smartphones and laptops, and an increase in the number of branches.
Jarir will issue one bonus share for every two shares, it said in a statement posted on the Saudi bourse website. It already secured regulatory approval for the plan.
Last month, Jarir said third-quarter net profit surged 47.6% to SAR152.2 million compared with the year earlier period, due to higher sales of smartphones and laptops, and an increase in the number of branches.
