Bank Aljazira’s rights issue 90% subscribed

Bank Aljazira’s rights issue was 89.89 percent subscribed, with investors buying a total of 269.66 million shares worth SAR 2.69 billion, the bank said in a statement to Tadawul.

The remaining shares will be offered to institutional investors on April 10 and April 11.

Priority will be given to the highest offers, and pro-rata basis will be applied to equal offers.

Unsubscribed shares will be allocated for underwriters to buy them at the offering price. 

The subscription period to Bank Aljazira’s rights issue, which started on March 25, ended on April 1.

The lender offered 300 million regular shares at SAR 10 per share to raise its capital to SAR 8.2 billion from SAR 5.2 billion.