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Bank AlJazira hires advisers for rights issue

Saudi Arabia-based Bank AlJazira hired Alinma Investment Co. and JP Morgan Saudi Arabia to serve as financial advisers for its rights issue, Argaam reported Oct. 9, citing a stock exchange filing.

The bank said in July 2016 that it would apply again with the Saudi Capital Markets Authority to raise some 3 billion Saudi Arabian riyals via a rights issue, having withdrawn a previous request in December 2015, the report noted.

As of Oct. 9, US$1 was equivalent to 3.75 Saudi Arabian riyals.