Al Rajhi Bank’s board of directors has recommended a 53.8 percent capital hike to SAR 25 billion from SAR 16.25 billion through the issue of bonus shares.

 

The capital hike aims to boost the bank’s resources which assist in achieving good growth rates.

 

The process is pending approval from the general assembly and regulator. 

 

Meanwhile, the bank recommended a 22.5 percent cash dividend at SAR 2.25 per share for the second half of 2018 amounting to SAR 3.656 billion.

 

In 2014, Al Rajhi hiked its capital to SAR 16.25 billion from SAR 15 billion through bonus shares, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 16.25 bln

Number of shares

1.625 bln shares

Hike (%)

53.8% (7 shares for every 13 shares)

New Capital

SAR 25 bln

New number of shares

2.5 bln shares

Method

Capitalizing SAR 8.75 bln from retained earnings

Record date

General assembly meeting

Driver

To boost the bank’s resources which assist in achieving good growth rates.

 

Dividend Details (H2 2018)

Current Capital

SAR 16.25 bln

Number of shares

1.625 bln

Dividend

SAR 3.656 bln

Percentage of capital

22.5% (SAR 2.25 per share)

Record date

General Assembly meeting (H1 2019)

Payment date

To be determined

Dividend for FY 2018

Total dividend

SAR 6.906 bln

Percentage of capital

42.5% (SAR 4.25/share)

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