Alinma Bank shareholders to vote on 1:4 bonus issue on April 23

Logo of Alinma Bank 

Alinma Bank will vote on the board’s proposal to increase capital by 25% to SAR 25 billion, during the extraordinary general meeting (EGM) slated for April 23, the company said in a statement to Tadawul.

 

The capital will be increased from SAR 20 billion through capitalization of the retained earnings by issuing one share for every four shares held.

 

Fractional shares, if any, will be compiled in one portfolio and will be offered at market price. The proceeds will be distributed pro rata in no more than 30 days.

 

Shareholders will also vote on amending Article 7 of the bank's bylaws, relating to capital, and authorizing the board to distribute interim dividends on a quarterly or semi-annual basis for 2024.

 

Capital Increase Details

Current Capital

SAR 20 bln

Number of Shares

2 bln

Percentage of Increase

25%

New Capital

SAR 25 bln

Number of Shares

2.5 bln

Method

Bonus issue at 1 for every 4 shares held 

Reserves

Capitalizing SAR 5 bln from the retained earnings

Record Date

Shareholders on the EGM date and those registered with Edaa on the second day following the record date.

Reason

To boost the bank’s financial position to fulfill its strategic targets

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