Bank Aljazira’s fluctuation limit set at SAR 11.88

Bank Aljazira’s daily fluctuation limit after its capital increase will be based on a share price of SAR 11.88 as of Mar. 20, the Saudi Stock Exchange (Tadawul) said in a statement on Tuesday.

The Securities Depository Center (Edaa) will deposit the bank rights into investor portfolios by Mar. 22.

Aljazira will launch on Mar. 25 the first round of its rights issue that is scheduled to last until April 1, the bank said in a separate bourse statement.

Investors will subscribe for new shares starting Mar. 25 until Apr. 4, and rights holders will be entitled to subscribe wholly or partially to new shares up to the rights deposited with their portfolios.

 Share fractions, if any, will be offered to institutional investors, the bank added.

The bank’s extraordinary general assembly had earlier approved increasing capital by 57.7 percent through a SAR 3 billion rights issue to SAR 8.20 billion, Argaam reported.

The lender has SAR 5.20 billion in capital, divided into 520 million shares.