Bank Albilad board plans 20% capital hike via 1:5 bonus issue

A branch of Bank Albilad

Bank Albilad’s board of directors recommended, Feb. 6, a 20% capital top-up from SAR 12.5 billion to SAR 15 billion, through distributing one bonus share for every five shares held, as follows:

 

Capital Increase Details

Current Capital

SAR 12.5 bln

Number of Shares

1.25 bln

Percentage of Increase

20%

New Capital

SAR 15 bln

New Number of Shares

1.5 bln

Method

1-for-5 bonus share distribution

Capitalization

Capitalizing SAR 1.5 bln from retained earnings and SAR 1 bln from statutory reserve

Record Date

Shareholders of record and those registered with Edaa by the close of the second trading day following the extraordinary general meeting (EGM), the date for which will be determined later

Reason

To enhance the bank's financial solvency ‎and retain its resources in operational activities.‎
 

Fractional shares, if any, will be compiled in one portfolio for all shareholders and will be offered at market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum, the bank said in a statement to Tadawul.

 
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The decision, which received the Saudi Central Bank’s (SAMA) no-objection, is conditional on approvals from competent authorities and shareholders.

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