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RIYADH: Al Rajhi Bank’s board has recommended a 60-percent increase in the bank’s capital to SR40 billion ($10.7 billion).
The capital will be increased by granting SR15 billion in bonus shares to the bank’s shareholders from the retained earnings by way of granting three shares for every five shares owned.
The eligibility to get bonus shares will be given to shareholders owning the stocks by the end of the trading day of the bank’s Extraordinary General Assembly meeting date, which will be announced soon.
Founded in 1957, Al Rajhi Bank is considered one of the world's largest Islamic banks by capital.