The Capital Market Authority (CMA), the Kingdom’s market regulator, on Monday approved Arab National Bank's request to increase its capital from SAR 10 billion to SAR 15 billion through issuing one bonus share for every two existing shares.
The capital hike will be financed by transferring SAR 2 billion from retained earnings and SAR 3 billion from statutory reserve to the company's capital, the CMA said in a statement.
Accordingly, the bank’s outstanding shares will be increased from 1 billion to 1.5 billion shares.
The extraordinary general assembly should be held within six months from the approval date and the company should satisfy all regulatory requirements and applicable laws, the statement added.
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