Mubasher: The extraordinary general meeting (EGM) of Bank AlJazira approved distributing a cash dividend of 5% for fiscal year 2016.

The bank will pay SAR 0.50 per share to the entitled shareholders, with an overall value of SAR 200 million, according to a bourse statement issued on Tuesday.

Bank AlJazira approved raising the capital by 30% to SAR 5.2 billion from SAR 4 billion through bonus shares by capitalising SAR 1.2 billion from account-retained earnings. The total number of shares will increase to 520 million from 400 million, by offering 3 shares for each 10 shares.

The shareholders also approved establishing a 100%-owned company under the name AMAN Agency for Banc Assurance, with a capital baseline of SAR 500,000. The new firm will be responsible for the selling transactions of AlJazira Takaful Co insurance products through AlJazira’s branches net and delivery channels.