Bank Albilad building
Bank Albilad shareholders approved increasing capital from SAR 7.5 billion to SAR 10 billion, through distributing bonus shares at 33.3%, or one share for every three shares, on April 11, according to a bourse filing.
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Capital Increase Details – Bonus Issue |
|
|
Current Capital |
SAR 7.5 bln |
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Number of Shares |
750 mln shares |
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Percentage of Increase |
33.33% (One share for every three shares held) |
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New Capital |
SAR 10 bln |
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Number of Shares |
1 bln |
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Reason |
To boost financial solvency and retain resources for operational activities |
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Method |
Capitalization of SAR 2.5 billion from retained earnings |
The board of directors to distribute was also authorized to pay interim quarterly or semiannual dividends for 2022.
The shareholders also approved electing 11 candidates for board membership for the next three-year term, starting April 17, 2022.
Nasser AlSubeaei, Mohammed Al-Rajhi, Khalid AlRajhi, Khalid AlMukairin and Haytham AlSuhaimi were elected as non-executive members; Abdulaziz AlOnaizan (executive member), while Haytham Al-Fayez, Zeyad Alhekail, Adeeb Abanumai, Nasser A. Al-Nasser and Moaz Al-Hussaini (independent members).
The audit committee formation was also approved for the same three-year term. It comprises Adeeb Abanumai, Muhammad Al_Osaimi and Yusuf Al-Shubaili.
Bank Albilad’s daily trading fluctuation limit will be based on a share price of SAR 51.20 as of today, April 12. The outstanding orders will be canceled, the Saudi Exchange (Tadawul) said in a statement.
The Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios by April 14.
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