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Alhokair seeking shareholders’ approval for capital hike

: Saturday, July 12 - 2014 @ 00:05

Saudi retailer, Fawaz Abdulaziz Alhokair has proposed doubling its capital through a one-for-one bonus issue, Reuters has reported. Capital will be hiked to SR2.1bn ($560m) from SR1.05bn, subject to shareholder approval, it said. The group, which franchises brands such as Zara and Marks and Spencer in the kingdom, said it would convert reserves and retained earnings to new shares for the capital boost, which is designed to support the growth of the company.

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Saturday, July 12- 2014 @ 0:05 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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