Al Rajhi Bank's board of directors decided to increase its capital by 60%.
According to Arabiya Net, the Board recommended, in its meeting last Thursday, to pass, last Thursday, to the Extraordinary General Assembly to increase the capital by granting free shares to the bank's shareholders through Capitalization of 15 billion riyals of retained earnings, by granting 3 shares for every 5 shares owned.
The bank said in a statement, that the capital after the increase becomes 40 billion riyals instead of 25 billion riyals.
He added that the number of shares after the increase becomes 4 billion shares, compared to 2.5 billion shares before the increase.
The bank stated that the increase aims to enhance its resources, which will contribute to achieving good growth rates in the coming years.
The eligibility date for the shareholders owning shares is at the end of trading on the day of the extraordinary general assembly of the bank, which will be determined later and who are registered in the bank's shareholders register with the Securities Depository Center Company, the Depository Center at The end of the second trading day following the date of the Extraordinary General Assembly.
In the event that there are fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period of no more than exceed 30 days from the date of determining the new shares due to each shareholder.
Al-Rajhi Bank's financial results showed an increase in its net profit by 39.16% after zakat and tax, to 14.7 billion riyals in 2021, compared to 10.6 billion riyals in 2020. .
