NCB gets CMA nod for capital hike

National Commercial Bank (NCB) has received approval from Saudi Arabia’s Capital Market Authority (CMA) to raise its capital from SAR 20 billion to SAR 30 billion, the market regulator said in a statement to Tadawul on Monday.

The bank will issue one bonus share for every two existing shares owned by shareholders registered at the Security Depository Center on the second day after the due date, to be determined later by the bank.

Outstanding shares will be increased to 3 billion from 2 billion, while the capital increase will be financed from transferring SAR 10 billion from NCB’s retained earnings.

The CMA’s approval is subject to the bank’s fulfillment of all regulatory requirements.