By: El Sayed Gamal
Riyadh – Mubasher: Al Rajhi Bank’s stock has jumped to its highest level in 11 years on Sunday, in line with the bank’s announcement of raising capital to SAR 25 billion and distributing cash dividends for the second half of 2018 at SAR 2.25 per share.
By 11:27 am KSA time, the stock rose 5.1% to SAR 92, leading the top gainers of the Saudi Stock Exchange (Tadawul).
Moreover, Al Rajhi Bank’s stock recorded its highest level since 24 February 2008.
Accordingly, the banking sector has topped the market’s sectors gains with a 2.1% increase.
Meanwhile, the Tadawul All Share Index (TASI) added 95.18 points, or 1.2%, to 7,925.65 points.
Earlier this day, Al Rajhi Bank announced that its extraordinary general meeting (EGM) approved the decision to increase capital through the issuance of bonus shares.
Al Rajhi’s EGM agreed to top-up capital by 53.8% or 875 million shares to 2.5 billion shares or SAR 25 billion, the bank said in a statement indicating that prior to the hike, its capital comprised 1.625 billion shares worth SAR 16.25 billion.
