Riyad bank recommends doubling its capital to SR30bn

President of Board of Directors of Riyad Bank Rashid Al-Abdulaziz Al-Rashid has announced that the Bank's Governing Council decided at its session yesterday, requesting from the concerned official bodies the approval to double the bank's capital from 15 billion Saudi riyals to 30 billion Saudi riyals, up 100% through the distribution of 1.5 billion additional free shares for its shareholders by one bonus share for every share. In a press release posted today on the Saudi Stock Exchange "Tadawul", the bank said that the total number of shares will be increased from 1.5 billion to 3 billion shares with a capital of 15 billion Saudi riyals representing the statutory reserves.