March 20, 2018 / 6:59 AM / a month ago

BRIEF-Abdullah Al Othaim Markets Board Proposes Capital Increase

March 20 (Reuters) - ABDULLAH AL OTHAIM MARKETS CO :

* BOARD RECOMMENDS CAPITAL INCREASE TO 900 MILLION RIYALS FROM 450 MILLION RIYALS THROUGH OFFERING 1 BONUS SHARE FOR EVERY 1 SHARE

* CAPITAL INCREASE WILL BE DONE THROUGH CAPITALIZING 450 MILLION RIYALS FROM ACCOUNTS OF STATUTORY RESERVE AND RETAINED EARNINGS

* OBJECTIVE FROM CAPITAL INCREASE IS TO SUPPORT STRATEGIC GROWTH PLAN AND EXPANDING ITS BRANCHES AND BUSINESS Source text for Eikon: Further company coverage:

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