Al-Yamama Iron Boosts Subsidiary Capital

Al Yamama Steel Industries Company ("Al Yamama for Steel") announced its approval to increase the capital of Al Yamama Reinforcing Steel Company, a fully owned subsidiary in which it holds a 51% stake after the increase. This was carried out through the issuance of 25 million shares with a book value of 12 riyals per share, to provide funding for the second phase of its plant project. The company also participated with 2.6 million shares of priority rights, totaling 75.6 million riyals, aiming to strengthen the company's financial position and finance the expansion. Previously, the company's ownership stake in the subsidiary was 72.5%.

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