Riyadh – Mubasher: The board members of Alinma Bank recommended a capital increase amounting to SAR 5 billion by granting one share for every four shares, according to a bourse filing.
The Saudi lender intends to raise the capital by 25% to SAR 25 billion distributed over 2.50 billion shares, compared with SAR 20 billion and 2 billion shares prior to the transaction.
The increase amount will be capitalised from retained earnings, while the purpose of the capital raise is to support the financial solvency and retain the bank’s resources in operational activities.
It is worth noting that the board made its resolution on 31 December 2023.
During the first nine months (9M) of 2023, Alinma Bank generated net profits of SAR 3.51 billion as well as clients’ deposits worth SAR 180.23 billion.
