Bank Aljazira invites shareholders to vote on capital hike

Bank Aljazira’s board of directors has invited shareholders to attend the extraordinary general assembly meeting on March 19 to vote on the lender’s capital increase to SAR 8.2 billion from SAR 5.2 billion through a rights issue.

Shareholders will also vote on several amendments to the bank’s articles of association, including the chairman and board members’ nomination and remuneration policies, the lender said in statement to Tadawul on Wednesday.

In addition, the assembly will vote on the committees’ policies and on approving board member Saeed Saad Al-Martan’s involvement in business with a competitor, Adeem Capital, in which he owns a 4 percent stake.

Adeem Capital is a competitor to Aljazira Capital, which is fully owned by the bank.

Shareholders will also vote on deals and contracts between the bank and Aljazira Capital, in which board members Mohammed Al Hagbani and Nabil Dawood Al Hoshan are related parties. The value of previous deals reached SAR 24.7 million in 2017.