RIYADH: Saudi Arabia’s Capital Market Authority has approved Bank Albilad’s request to boost capital to SR10 billion ($2.67 billion), according to its website.

Bank Albilad aims to carry out the capital raise through the issuance of bonus shares, granting its shareholders one bonus share for every three existing shares.

The amount will be financed through the bank’s retained earnings, extracting an amount of SR2.5 billion.

Separately, the CMA has approved capital reductions for Arabian Pipes Co. and Saudi Industrial Export Co.

Arabian Pipes Co. is seeking to reduce capital from SR400 million to SR100 million to amortize accumulated losses, while Saudi Industrial Export Co. will cut capital from SR64.8 million to SR21.6 million.

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