Al-Rajhi shareholders are voting to increase their capital by 60% by granting free shares … today

The shareholders of Al-Rajhi Bank will vote at the extraordinary general meeting, this evening, Sunday, on the recommendation of the Board of Directors to increase the capital of the bank by granting free shares.

According to a previous report from the bank, the total amount of the increase is 15 billion riyals, so that the capital after the increase becomes 40 billion riyals instead of 25 billion riyals before the 60% increase.

The number of shares after the increase becomes 4 billion shares instead of 2.5 billion shares before the increase.

The increase aims to enhance the bank’s resources, which will contribute to achieving good growth rates in the coming years.

The increase will take place by capitalizing an amount of 15 billion riyals from the retained earnings account, granting 3 shares for every 5 shares held.

Shareholders vote on the decision of the Board of Directors in about the dividends distributed to shareholders for the first half of the fiscal year 2021 at 1.4 riyals, or 14% of the par value of the share.

The profits of Al-Rajhi Bank increased by 23.9% in the first quarter of 2022, to 4.1 billion riyals, compared to 3.3 billion riyals in the first quarter of 2021.

Read More About: Business News