Saudi Lender Stock Rises to Record After Capital Plan

Al Rajhi Bank shares surged to a record after the second-biggest Saudi Arabian lender rolled out a $4 billion plan to grow its business.
The Riyadh-based bank will offer 3 bonus shares for every 5 held, according to a statement. That will raise its capital to 40 billion riyals ($10.7 billion) from 25 billion riyals and will “contribute to good growth ratios in the upcoming years,”