Riyadh-Mubasher: Saudi Hollandi Bank (SHB) said the board proposed raising capital by 100% from SAR 5.7 billion to SAR 11.4 billion, through one-for-1 bonus share distribution, according to the lender's statement to the Saudi bourse – Tadawul.
The top-up will be effected through capitalising SAR 1.6 billion from statutory reserve.
The distribution eligibility will be for shareholders of record until the close of trading on the extraordinary general meeting date.
The meeting will be convened in the first quarter of 2016, the statement added.
The capital increase is aimed at boosting the bank's capital base and business growth.
