Al Rajhi Bank’s board of directors has recommended a 53.8 percent capital hike to SAR 25 billion from SAR 16.25 billion through the issue of bonus shares.
The capital hike aims to boost the bank’s resources which assist in achieving good growth rates.
The process is pending approval from the general assembly and regulator.
Meanwhile, the bank recommended 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.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 16.25 bln |
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Number of shares |
1.625 bln shares |
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Hike (%) |
53.8% (7 shares for every 13 shares) |
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New Capital |
SAR 25 bln |
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New number of shares |
2.5 bln shares |
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Method |
Capitalizing SAR 8.75 bln from retained earnings |
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Record date |
General assembly meeting |
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Driver |
To boost the bank’s resources which assist in achieving good growth rates. |
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Dividend Details (H2 2018) |
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Current Capital |
SAR 16.25 bln |
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Number of shares |
1.625 bln |
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Dividend |
SAR 3.656 bln |
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Percentage of capital |
22.5% (SAR 2.25 per share) |
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Record date |
General Assembly meeting (H1 2019) |
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Payment date |
To be determined |
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Dividend for FY 2018 |
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Total dividend |
SAR 6.906 bln |
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Percentage of capital |
42.5% (SAR 4.25/share) |
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