Saudi Arabia: Al Rajhi plans to increase issued capital

Source: Middle East Insurance Review | Jul 2023

Al Rajhi has proposed a capital increase of 150% through the issuance of 1.5 shares for each share already owned.

The board of directors has recommended raising the company’s capital to SAR1bn ($2.67m) with the total number of shares increased to 100m from the current 40m issued shares that have a total nominal value of SAR400m.

The company’s objective behind the capital increase is to strengthen the capital base and contribute to the company’s strategic expansion plans.

The company aims to capitalise SAR600m from retained earnings to realise the capital increase, according to a stock market statement issued by the insurer.

The capital hike is subject to the approval of the authorities and shareholders. M

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