Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) gave the green light for Bank Albilad to increase the capital by SAR 2.5 billion through bonus shares that will be paid from the retained earnings account.
The company will issue 250 million new shares as one bonus share for every three owned shares, according to a recent bourse filing.
Bank Albilad aims to raise the capital to SAR 10 billion distributed over 1 billion shares, compared to SAR 7.5 billion and 750 million shares prior to the raise.
Last November, the board recommended a 33.33 % capital raise by granting bonus shares.
