Bank AlJazira’s board of directors recommended on Wednesday raising its capital by SAR 3 billion through a rights issue.

The price per share and number of shares to be issued will be determined at the company’s extraordinary general assembly meeting, the bank said in a statement to Tadawul, Saudi Arabia’s bourse.

Eligibility will be for shareholders listed in the company’s share registry at the end of the extraordinary general assembly meeting approving the company’s capital raise, the bank added.

The raise is intended to support the bank’s capital base and finance its activities.

AlJazira’s current capital is SAR 4,000 million divided into 400 million shares, according to data compiled by Argaam.

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