Sunday 25, February 2018 by Jessica Combes

Saudi CMA approves Bank AlJazira's proposed rights issue


The Saudi Capital Markets Authority has announced its resolution approving Bank Aljazira’s request to increase its capital by way of rights issue valued at SAR 3,000,000,000.

The increase will be limited to the shareholders who are registered in the shareholders’ registry at the Security Depository Centre as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the bank’s board of directors at a later date.

The offering price and the number of shares offered for subscription will be determined by the bank after market closing of the same day in which the extraordinary general assembly meeting is to be held. After reviewing the bank’s application in light of the governing regulatory requirements, and the quantitative and qualitative criteria applicable to all companies requesting a capital increase, the CMA has issued its resolution approving Bank Aljazira’s capital increase request.

The CMA’s approval of the prospectus merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.


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