The Capital Market Authority (CMA) approved Bank Al Jazira’s 33.33% capital raise (from SAR 3 bn to SAR 4 bn).
The Capital raise is to take place by issuing one bonus share to each 3 shares owned by registered shareholders, as SAR 500 m of retained earnings and SAR 500m of statutory reserve accounts will be capitalized.
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Capital raise details |
|
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SAR 3 bn |
Current capital |
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300,000,000 shares |
Number of shares |
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33.33% ( 1/3shares) |
Capital raise (%) |
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SAR 4 bn |
New capital |
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400,000,000 shares |
# of Shares after raise |
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Determined later |
Record date |
By this issuance the number of outstanding shares will increase from 300,000,000 shares to 400,000,000 shares.
The bonus shares distribution is limited to registered shareholders at the end of the general assembly meeting day which should be held within 6 months of the CMA’s approval date.
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