Riyadh – Mubasher: The shareholders of Bank Albilad have agreed to raise its capital by 33.33% from SAR 7.50 billion to SAR 10 billion.

The bank will capitalise SAR 2.50 billion from the retained earnings account through bonus shares, according to a bourse disclosure on Tuesday.

The capital raise will be carried out by granting one bonus share for every three owned shares.

Accordingly, the new capital will be distributed over 1 billion shares, compared to 750 million shares prior to the raise.

It is worth noting that the Capital Market Authority (CMA) approved the bank’s capital increase in February.