Riyadh – Mubasher: The shareholders of Arab National Bank (ANB) and Amlak International Finance Company greenlighted capital hike by granting bonus shares, according to bourse disclosures.

ANB

The Saudi lender will raise its capital by granting one bonus share for every three owned shares.

ANB will allocate SAR 5 billion from the retained earnings account, enhancing its financial solvency.

The bank’s capital will increase by 33.33% to SAR 20 billion from SAR 15 billion before the hike.

The Capital Market Authority (CMA) passed the capital raise in March 2024, while the board recommended the transaction in February.

Amlak International

The company will increase its capital to SAR 1.01 billion distributed over 101.92 million shares, instead of SAR 906 million and 90.60 million shares.

The 12.50% capital hike will be implemented through the issuance of one bonus share for every eight existing shares.

Amlak International will transfer SAR 11.31 million from the retained earnings account and SAR 101.93 million from the statutory reserves account.

It is worth highlighting that the CMA also greenlighted the company’s capital raise last March.