Complex Made Simple

Almarai shareholders give green light to hike capital

Saudi dairy firm Almarai has said it has received shareholder approval to increase its capital by 50% to SR6bn ($1.6bn), Reuters has reported. The capital increase will support Almarai's SR15.7bn five-year capital funding programme, the company said. Almarai last week mandated four banks to arrange the sale of a SR1.7bn Islamic hybrid bond.