Saudi Cement Company (SCC) plans to issue its shareholders with one share for every two owned as well as pay a cash dividend of SR 3.5 ($0.93) per share according to a statement released on the Saudi Stock Exchange (Tadawul) website.

The Dammam-based company said that the plans, which are subject to shareholder approval, will increase the total number of shares in the company to 153 million and its market capital to around $400m.

SCC is Saudi Arabia’s second largest producer and operates two cement plants in the Eastern Province of the Kingdom.