Bank Aljazira will begin its rights issue today, March 25, to raise its capital to SAR 8.2 billion from SAR 5.2 billion.

 

The trading period will end on Sunday, April 1, while subscription will continue until Wednesday, April 4.

 

The rights issue will be the second to take place under the Saudi Stock Exchange’s (Tadawul) new mechanism for tradable rights, after Malath Cooperative Insurance Co.’s rights issue in October last year.  

 

Bank Aljazira is offering 300 million regular shares at SAR 10 per share.

 

Key Figures of the Capital Hike

Current capital

SAR 5.2 bln

Number of shares

520 mln shares

Capital hike percentage

57.7%

New capital

SAR 8.2 bln

Rights Issue

Number of shares

300 mln

Rights issue price

SAR 10/share

Rights issue size

SAR 3 bln

Eligibility date

March 19, including those registered at the Securities Depository Center on March 21

Use of proceeds

Strengthening capital base and financing expansion plans

Trading & subscription period

Trading and subscription start on March 25. Trading period ends on April 1, while subscription ends on April 4

Additional Information

Financial advisor

Alinma Investment, JP Morgan Saudi Arabia

Underwriters

Alinma Investment, MEFIC Capital, Mulkia Investment, Saudi Kuwait Finance House, and  Wasatah Capital

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