RIYADH: Shares of Al Rajhi Bank rose 4.27 percent to a record high of SR117.4 ($31.2) as of 10:30 a.m. Saudi time in response to shareholders' approval to increase capital.
Later in the day, the stock price slightly retreated to SR114.8 at noon.
Saudi Arabia’s largest bank has received approval from its shareholders to increase its capital by 60 percent.
The bank was authorized to increase capital to SR40 billion ($10.66 billion) from SR25 billion, according to a bourse filing.
Al Rajhi also received approval from its shareholders to distribute a cash dividend of SR1.40 per share for 2021.
