Riyadh – Mubasher: The Saudi Arabia-based National Commercial Bank (NCB) has obtained the Capital Market Authority’s (CMA) approval for raising its capital by SAR 10 billion through bonus shares.

NCB’s capital will be increased to SAR 30 billion, up from SAR 20 billion through issuing of one bonus share for each two shares, according to the CMA’s statement on Monday. 

The hike of the lender’s capital will be repaid through transferring SAR 10 billion from retained profits, while shares will be raised to 3 billion versus the current 2 billion.

On Thursday, 28 December 2017, NCB’s board of directors had recommended increasing capital by 50%.