‎CMA approves SNB’s request to raise capital to SAR 60 bln

‎CMA approves SNB’s request to raise capital to SAR 60 bln

The Capital Market Authority (CMA) approved an application from Saudi National Bank (SNB) to top-up its capital from SAR 44.78 billion to SAR 60 billion, the market regulator said in a statement.

This will be through the issuance of one bonus share for every three shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by the bank’s board.

The capital hike will be financed by transferring SAR 15.22 billion from SNB’s retained earnings. Accordingly, the total number of shares will increase from 4.48 billion to 6 billion.

CMA stated that SNB's extraordinary general meeting (EGM) should be held within six months from this approval date, provided that the bank shall satisfy all regulatory requirements and applicable laws.