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Saudi Arabia's Aldrees Petroleum & Transport Services dives, as EGM approves capital increase

11 March 2012

The Saudi Tadawul index added 0.7% to reach 7,533.74 points Sunday. Year-to-date, the KSA equity benchmark surged 17.39%. The gauge is hard on the heels of the Dubai bourse DFM (up 24.63% since January 1 2012). Asset price inflation in the kingdom goes hand in hand with consumer price inflation, which hit 5.03% in February, up from 4.98% in January, according to figures compiled by National Bank of Abu Dhabi. Shares of petrochemicals and metals producer Sabic extended their bull-rally, closing 0.72% higher at SR105.50. Aldrees Petroleum & Transport Services Company dived 3.46% to SR41.80. Earlier in the day, the Riyadh-headquartered firm announced its fourth extra-ordinary assembly has approved "to increase the company's capital by 20%, from SR250m to SR300m through issuance of one bonus share for every five shares consequently increasing the number of shares of the company from 25m shares to 30m shares."

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