Al-Rajhi Bank’s shares rose 5.9 percent, Sunday, after the second largest Saudi bank announced the board of directors’ recommendation to the general assembly to increase the capital from 25 billion riyals to forty billion.
The bank said in a statement to the Saudi Stock Exchange, that the increase will be by granting free shares to the bank’s shareholders by capitalizing 15 billion riyals of retained earnings, by granting 3 shares for every 5 shares owned.
The Saudi Stock Exchange index closed, down 0.11 percent to 12,463.17 points, while Chemanol shares fell 3 percent, Tasnee fell 4.3 percent, and Riyad Bank 0.7 percent. (Archyde.com)
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