CMA greenlights Alinma Bank’s capital raise

Reuters Images/Faisal Al Nasser

The lender will capitalise SAR 5 billion from the retained earnings account to carry out the transaction, according to a bourse disclosure

Staff Writer, Mubasher

March 27, 2024

PHOTO

The Capital Market Authority (CMA) approved the capital hike of Alinma Bank to SAR 25 billion from SAR 20 billion by granting one bonus share for every four owned shares.

The lender will capitalise SAR 5 billion from the retained earnings account to carry out the transaction, according to a bourse disclosure.

Meanwhile, the new capital will be distributed over 2.50 billion shares, instead of 2 billion shares.

Last December, the board members of Alinma Bank recommended the 25% capital increase, while the CMA granted its approval on 26 March 2024.

In 2023, Alinma Bank recorded 34.45% higher net profits at SAR 4.83 billion, versus SAR 3.59 billion in 2022.

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