Saudi Hollandi Bank (AAAL) advanced to the highest level in more than a month after the Saudi lender said it plans to give one bonus share for every five held.
The shares rallied 2.5 percent to 28.60 riyals, the highest intraday level since Nov. 14, at 2:25 p.m. in Riyadh.
The bank will raise its capital to 3.97 billion riyals from 3.31 billion riyals through the bonus issue, it said late yesterday. Saudi Hollandi’s board also proposed paying 1 riyal a share dividend for 2011.
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