Saudi's Qassim Cement Co said Saturday it will double its capital to 900 million Saudi riyals ($239.9 million) to meet the company's current and future expansion.
The company will use reserves and retained profits for the 10 riyals per share capital boost, and distribute bonus shares after getting regulatory approval, it said in a statement on the Saudi bourse website.
The company will also distribute a cash dividend of 6 riyals per share, for a total of 270 million riyals, out of first-half profit, it said in a separate statement Saturday.
The company reported in April a first quarter net profit of 151.5 million riyals, a 5.4 percent decrease from the year earlier which it attributed to lower prices.
Qassim shares shot up 9.87 percent to 128 riyals per share Saturday at 0905 GMT.