Al Yamama Steel boosts subsidiary capital
Al Yamamah Steel Industries Company (Al Yamamah Steel) announced its approval to increase the capital of its subsidiary, Al Yamamah Rebar Steel Company, by 75.6 million riyals through the issuance of 25 million shares at a book value of 12 riyals per share. Al Yamamah Steel participated in the offering with 6.3 million shares to finance the construction of the company's second phase of the factory, which reduced its ownership stake in the subsidiary from 72.5% to 51%.
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