Stock Market News

Saudi Telecom board proposes $8 billion capital increase

2022.06.12 10:07

Saudi Telecom board proposes $8 billion capital increase
FILE PHOTO: A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. REUTERS/Faisal Al Nasser

DUBAI (Reuters) – Saudi Telecom said on Sunday its board had proposed increasing its capital by 30 billion riyal ($8 billion) to finance growth and expansion plans in its home market, Saudi Arabia, and elsewhere in the region.

The capital increase would involve issuing 30 billion new shares, representing a capital increase of 150%, with shareholders offered 1.5 new shares for each share they owned.

The announcement was made in a statement published to the Saudi stock market.

Saudi Arabia’s government owns 64% of the major telecom through its sovereign wealth fund, the Public Investment Fund.

In a separate statement, Saudi Telecom said its board had recommended cutting its dividend policy which committed it to 1 riyal $0.26) per share per quarter to 0.40 riyal ($0.10).

The statement said the board proposed the change in the three-year dividend policy, which had been in effect since the fourth quarter last year, in response to the proposed share capital increase.

The board would continue to consider additional dividend payments, it said.

($1 = 3.7513 riyals)

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 82,855.20 1.23%
ethereum
Ethereum (ETH) $ 1,935.69 0.43%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.29 1.89%
bnb
BNB (BNB) $ 627.13 1.11%
solana
Solana (SOL) $ 125.65 1.67%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.705018 1.71%
dogecoin
Dogecoin (DOGE) $ 0.168503 2.60%
tron
TRON (TRX) $ 0.241098 8.90%
staked-ether
Lido Staked Ether (STETH) $ 1,934.80 0.50%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,672.15 1.24%
leo-token
LEO Token (LEO) $ 9.78 0.07%
chainlink
Chainlink (LINK) $ 13.96 0.64%
the-open-network
Toncoin (TON) $ 3.59 4.13%
usds
USDS (USDS) $ 1.00 0.00%
stellar
Stellar (XLM) $ 0.27526 1.25%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,315.63 0.53%
hedera-hashgraph
Hedera (HBAR) $ 0.189784 0.44%
pi-network
Pi Network (PI) $ 1.16 13.00%
avalanche-2
Avalanche (AVAX) $ 19.08 1.05%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.56%
sui
Sui (SUI) $ 2.29 3.60%
mantra-dao
MANTRA (OM) $ 7.03 0.27%
litecoin
Litecoin (LTC) $ 90.44 1.74%
polkadot
Polkadot (DOT) $ 4.49 3.04%
bitcoin-cash
Bitcoin Cash (BCH) $ 335.34 0.35%
bitget-token
Bitget Token (BGB) $ 4.61 3.62%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
weth
WETH (WETH) $ 1,935.70 0.35%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.24%
hyperliquid
Hyperliquid (HYPE) $ 14.27 8.21%
whitebit
WhiteBIT Coin (WBT) $ 28.19 0.94%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,056.96 0.51%
monero
Monero (XMR) $ 209.06 1.28%
uniswap
Uniswap (UNI) $ 6.40 1.44%
susds
sUSDS (SUSDS) $ 1.05 0.07%
aptos
Aptos (APT) $ 5.41 1.61%
okb
OKB (OKB) $ 53.74 5.24%
dai
Dai (DAI) $ 1.00 0.01%
near
NEAR Protocol (NEAR) $ 2.59 2.07%
pepe
Pepe (PEPE) $ 0.000007 1.21%
internet-computer
Internet Computer (ICP) $ 5.83 1.11%
mantle
Mantle (MNT) $ 0.814335 0.05%
gatechain-token
Gate (GT) $ 21.92 0.79%
ethereum-classic
Ethereum Classic (ETC) $ 17.77 0.22%
ondo-finance
Ondo (ONDO) $ 0.847338 1.62%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.92 1.98%
aave
Aave (AAVE) $ 171.24 2.09%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,803.19 1.37%