Herfy Food Jumps to 2-Month High After Capital Increase Approval

Herfy Food Services Co. (HERFY), a Saudi Arabian fast-food chain, gained to the highest level in almost two months after it received regulatory approval to raise capital by offering one new share for every nine held.

The shares rallied 2.9 percent to 89.25 riyals, the highest intraday level since May 11, at 11:26 a.m. in Riyadh.

The company plans to increase its capital to 300 million riyals (80 million) from 270 million riyals.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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