SAFCO plans 1-for-4 bonus issue

SAFCO, which reported on Monday a 125 per cent rise in first-quarter profit, said it would pay a share dividend of SAR2 for the second half of last year, bringing the overall dividend payout for 2007 to SAR5 per share or a total SAR1 billion (Dh979m).

The company's shareholders also approved, at an extraordinary general assembly meeting on Monday, a board proposal to raise the firm's capital to SAR2.5 billion from SAR2 billion through the bonus share issue, SAFCO said in a statement posted on the bourse's website. (Reuters)