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Bank Al Jazira OKs capital hike to SAR 8.2bn

Bank Al Jazira OKs capital hike to SAR 8.2bn
Bank Al Jazira attributed increasing capital to the strength of its capital base
BJAZ
1020
2.81% 16.82 0.46

Riyadh – Mubasher: Bank Al Jazira’s extraordinary general meeting (EGM) approved raising capital to SAR 8.2 billion, up from SAR 5.2 billion through offering right issue shares at a total value of SAR 3 billion.

Eligibility will be for shareholders registered in the group’s register at the depository centre by the end of the second day following the EGM meeting on Monday, 19 March, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi Arabia-based lender attributed increasing capital to the strength of its capital base, finance expansion plans, and develop its digital platforms.

The EGM also approved amending some items of its articles of association which are related to capital hike and shares’ issue.

The Shariah-compliant financial services provider’s net profits surged 27.6% to SAR 194 million during the fourth quarter of 2017, whereas profits fell 1.6%, to SAR 858 million for the full year 2017.

By 11:24 am KSA time, the stock declined 6.86% to SAR 12.08.