RIYADH: Saudi Telecom Co., one of the Kingdom’s biggest telecom providers, has received shareholders’ approval to raise capital by 150 percent to support its growth.

Saudi-listed stc will increase its current SR20 billion ($5.33 billion) capital to SR50 billion through issuing bonus shares, it said in a stock exchange filing.

Shareholders are set to receive 1.5 shares for every share owned by capitalizing an amount of SR30 billion from retained earnings.

The increase in stc’s capital will support achieving its growth and expansion strategy along with maximizing its shareholders’ return.

The move comes after the company reported SR5.9 billion in profit at the end of the first six months of the year, along with SR2 billion in quarterly dividends.