Shareholders of Alinma Bank approved the board's recommendation on a capital increase from SAR 15 billion to SAR 20 billion through a 1-for-3 bonus issue. The capital top-up will be financed through the capitalization of SAR 5 billion from reserves and retained earnings, the company said in a bourse statement.
Shareholders also authorized the board of directors to pay interim dividend on a semi-annual basis for FY 2020.
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Details of Capital Hike - bonus issue |
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Current Capital |
SAR 15 bln |
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Number of shares |
1.5 bln shares |
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Increase percentage |
33.33% (1 share for every 3 outstanding shares) |
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New Capital |
SAR 20 bln |
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Number of shares after capital hike |
2.0 bln |
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Record date |
April 8, 2020 |
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Capital hike reason |
To help boost growth rates |
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Capital Hike method |
Capitalization of SAR 5 billion from reserves and retained earnings |
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