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Bank AlBilad to increase capital by 1.5B riyals through share issuance

Bank AlBilad said Dec. 17 that it will raise 1.5 billion riyals in capital by issuing 150 million new shares.

The Saudi lender's board recommended a capital increase to 7.5 billion riyals from 6.0 billion riyals by increasing the number of shares issued to 750 million.

The bank will also offer a bonus share on every four shares held by registered shareholders as an incentive.

The capital increase is subject to approval from official authorities and stakeholders.

As of Dec. 17, US$1 was equivalent to 3.75 Saudi Arabian riyals.