Riyadh –  The Saudi Capital Market Authority (CMA) has approved the Arab National Bank’s (ANB) request to increase its capital to SAR 15 billion from SAR 10 billion.

The capital hike will be carried out by offering two bonus shares for every two outstanding shares, the Saudi CMA said in a statement on Monday, indicating this will be shareholders registered in the company’s books at the end of the second day of trading following the maturity date. This date will be determined by ANB’s board at a late time.

The capital top-up entails the transfer of SAR 2 billion from ANB’s retained earnings added to SAR 3 billion from the bank’s reserves, the CMA said, noting that the top-up will raise capital by 500 million shares to 1.5 billion shares.

The bank’s extraordinary general meeting (EGM) must be held within six months of receiving the CMA’s approval, the authority concluded.

ANB’s stock closed Monday lower, falling 1.8% to SAR 36.45 on the Saudi Stock Exchange (Tadawul).

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