Al-Khodari Sons Gains Most in Week After Capital Increase Plan

Abdullah A.M. Al-Khodari Sons Co. (ALKHODAR) rose the most in a week after the Saudi Arabian contracting company announced plans to raise its capital by 25 percent.

The shares gained 3.7 percent, the largest intraday increase since Feb. 25, to 55.75 riyals at 11:48 a.m. in Riyadh after trading up at 56 riyals.

The Al Khobar, Saudi Arabia-based company plans to issue one bonus share for every four held to raise its capital to 531.25 million riyals ($142 million) from 425 million riyals, it said in a statement to the Saudi bourse today. The company’s board also recommended paying a dividend of 0.5 riyals a share for the second half.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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