Riyadh – Mubasher: The Capital Market Authority (CMA) has granted its green light for Al Rajhi Bank’s request to increase its capital through bonus shares.
The capital raise will be carried out by granting three bonus shares for every five owned shares, according to bourse disclosures on Thursday.
The bank will increase its capital from SAR 25 billion to SAR 40 billion through the capitalisation of SAR 15 billion from the retained earnings account.
Accordingly, the new capital will be distributed over 4 billion shares, compared to 1.50 billion shares prior to the raise.
It is noteworthy mentioning in February, Al Rajhi Bank’s board recommended a 60% capital increase to SAR 40 billion through bonus shares.
