Saudi CMA approves Bank AlJazira's proposed rights issue

The Saudi Capital Markets Authority has announced its resolution approving Bank Aljaziras request to increase its capital by way of rights issue valued at SAR 3,000,000,000.

The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Centre as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the banks board of directors at a later date.

The offering price and the number of shares offered for subscription will be determined by the bank after market closing of the same day in which the extraordinary general assembly meeting is to be held. After reviewing the banks application in light of the governing regulatory requirements, and the quantitative and qualitative criteria applicable to all companies requesting a capital increase, the CMA has issued its resolution approving Bank Aljaziras capital increase request.

The CMAs approval of the prospectus merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.