Saudi Aramco, the world's largest oil-producing company, said on Sunday its shareholders have approved a board recommendation to increase capital.
The boost will be by way of granting bonus shares through the capitalisation of 15 billion Saudi riyals ($4bn) from the company’s retained profits, Aramco said in a filing to the Tadawul stock exchange.
The shareholders will be given one share for every 10 they own.
The company's share capital will increase 25 per cent to 75bn riyals, it said. The number of shares will rise from 200 billion to 220 billion, it said.
"By increasing its capital, the company aims to maximise total returns for its shareholders through the distribution of sustainable and progressive dividends, in line with future prospects, underlying growth in free cash flow, and long-term value creation through investments in available opportunities," Saudi Aramco said.
The company on Sunday also reported a surge in first-quarter net profit of about 82 per cent to about $39.47bn from the year-earlier period on higher oil prices, volume sold and improved downstream margins.
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AT%20A%20GLANCE
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Maestro
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