National Building and Marketing Co. (NBM) has increased the capital of its subsidiary, Ajeej Steel Manufacturing Co., from SAR 180 mln (USD 47.9 mln) to SAR 300 mln (USD 79.9 mln), the company announced in a stock exchange filing.
The number of ordinary shares has risen from 180 mln to 300 mln following the capital hike. The SAR 120 mln (USD 31.9 mln) increase was funded through the shareholders’ current account.
NBM stated that the move supports Ajeej Steel’s growth and expansion plans, reinforcing its financial position and expected to have a positive impact on the group’s consolidated financial results.
Ajeej Steel has an annual production capacity of 150,000 tons per annum of billets through the induction furnace route.
1 USD / 3.75 SAR
