Bank Albilad shareholders to vote on 33.3% capital increase via bonus issue on April 11

Bank Albilad building

Bank Albilad shareholders will vote on increasing capital from SAR 7.5 billion to SAR 10 billion, through distributing bonus shares at 33.3%, or one share for three existing shares, at the extraordinary general meeting (EGM), slated for April 11, according to a bourse filing.

The fractional shares will be grouped into a single portfolio and sold at the market price, while the proceeds will be distributed to the entitled shareholders pro rata within 30 days maximum.

Further, shareholders will discuss authorizing the board of directors to distribute interim quarterly or semiannual dividends for 2022.

Additionally, shareholders will vote on the formation of the audit committee for the three-year term starting April 17, 2022, which will comprise Adeeb Abanumai, Mohammed Farhan bin Nader and Abdulaziz Abdullah Alakil.