Saudi Arabia's Capital Market Authority said it approved plans by Al-Rajhi Banking & Investment Corp and food group Savola to boost their capital by issuing bonus shares.

Rajhi plans to increase its share capital to 15 billion riyals ($4 billion) from 13.5 billion riyals by granting one  share for every nine held by investors on the day of a general meeting the date of which is yet to be set, the bourse regulator said in a statement on the Riyadh bourse Web site.

Savola Group plans to issue one share for every three held, increasing its capital to 5 billion riyals from 3.5 billion riyals, it said. - Reuters