Riyadh – Mubasher: The board members of Bank Aljazira proposed a 25% capital raise to SAR 10.25 billion from SAR 8.20 billion, according to a bourse statement.
By granting one share for every four shares, the number of the shares will stand at SAR 1.02 billion, compared to 820 million shares prior to the transaction.
The Saudi lender will capitalise SAR 2.05 billion from the statutory reserve account to strengthen its capital base in line with its strategic objectives.
The board’s proposal, which was made on 25 January 2024, is subject to obtaining the approval of the official authorities and the extraordinary general meeting (EGM).
In the first nine months (9M) of 2023, Bank Aljazira recorded 14.40% lower net profits at SAR 740.70 million, compared to SAR 865.30 million in 9M-22.
