Al Rajhi approves capital hike, H2 2018 dividend

Al Rajhi Bank’s shareholders have approved a 53.8 percent capital hike to SAR 25 billion from SAR 16.25 billion during the extraordinary general assembly meeting held on Wednesday, April 3, 2019.

The capital hike aims to boost the bank’s resources which assist in achieving good growth rates.

Meanwhile, they approved a 22.5 percent cash dividend at SAR 2.25 per share for the second half of 2018 amounting to SAR 3.656 billion.

In 2014, Al Rajhi hiked its capital to SAR 16.25 billion from SAR 15 billion through bonus shares, Argaam reported.

In a separate statement, the Saudi Stock Exchange (Tadawul) said that fluctuation limit for Al Rajhi after capital hike will be based on a share price of SAR 71.80 on Thursday, April 4.

Meanwhile, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Monday, April 8, 2019.