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Safco unveils capital hike plan

Saudi Arabian Fertilisers Co (Safco) has unveiled plans to raise its capital by 33.3% through a bonus share issue, Reuters has reported. Safco, the kingdom's second-largest chemical company, said the share issue will raise its share capital to SR3.3bn ($879.95m) from SR2.5bn by distributing one bonus share for every three shares held. The company reported a 0.8% fall in second-quarter profit last week, missing analyst forecasts due to lower sales resulting from lower production levels after maintenance work on some of its units.