Bank Aljazira gets CMA nod on capital hike

Saudi Arabia’s Capital Market Authority (CMA) has approved Bank Aljazira’s request to increase its capital by SAR 3 billion through a rights issue, the regulator said in a statement.

Shareholders of record on the date of the general assembly meeting approving the process, including those registered at the Securities Depository Center two trading days after this date, are eligible for the increase. The EGM will be determined by the bank at a later date.

The offering size and price will be determined following the market closing on the extraordinary general assembly meeting date, the CMA added.

Bank Aljazira submitted its request to the CMA to raise its capital in December.

In July 2016, the Saudi-listed bank said it would re-apply for a SAR 3 billion capital hike through rights issue, after it withdrew its request in December 2015 due to market conditions.

Alinma Investment Co. and JP Morgan Saudi Arabia were appointed by the bank last October as financial advisors on the capital hike.