Riyadh bank’s BOD recommends 100% capital raise

Riyadh bank announced today on tadawul its Board of Directors’ recommendation to raise the bank’s capital by 100% (from SAR 150bn to SAR 300bn).

The Capital raise is to take place by issuing one bonus share to each one share owned by registered shareholders as SAR 150bn of retained earnings and statutory reserve will be capitalized.

By this issuance the number of outstanding shares will be increased from 1,500,000,000 shares to 3,000,000,000 shares.