Saudi market regulator approves Al-Bilad capital raise

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), approved on Wednesday Bank Al-Bilad’s request to raise its capital from SAR 4 billion to SAR 5 billion.

The company plans to issue one bonus share for every four existing shares owned by registered shareholders by the date of the extraordinary general assembly meeting.

The bank will transfer SAR 995.56 million from its retained earnings account and SAR 4.44 million from its legal reserve​s​ ​balance ​to pay for the increase.

Bonus shares eligibility is limited to shareholders who are listed in the company’s registry at the close of trading on the day of the extraordinary general assembly, which will be determined later by the bank's board.

The assembly meeting should be held within six months from the approval date, according to market rules.

The CMA’s approval is conditional on the ​bank satisfying regulatory requirements and any other applicable laws.