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Riyad Bank, third-largest lender by assets, plans to increase its capital by 10 billion riyals ($2.67 billion) through the capitalisation of the statutory reserve and retained earnings.
According to a board proposal, the increase will raise the bank’s capital from SAR 30 billion to SAR 40 billion, representing a 33.33% increase. The number of shares will increase from 3 billion to 4 billion shares.
Shareholders will be granted one share for every three shares held.
The Public Investment Fund and the government of Saudi Arabia own 21.8% and 10.4% of Riyad Bank respectively.
(Writing by Brinda Darasha; editing by Daniel Luiz)
