RIYADH: The board of Saudi National Building and Marketing Co. has recommended increasing its capital from SR120 million ($32 million) to SR270 million, according to a bourse filing.
The company said it aims to increase its capital base and future activities to achieve growth rates and diversification in its investments in the future.
The increase requires shareholder approval as well as approval from the Capital Market Authority.
Earlier this year, NBM submitted a request to move from the parallel market Nomu to the main market TASI.
NBM specializes in metal scaffolding designs, carpentry, metal, glass, and iron, as well as the manufacture of fermented iron.